If your filing cabinet (or that shoebox in the closet) is overflowing, you're not alone. The good news: you don't need to keep everything forever. Here's a simple guide to what to keep and for how long.
Three years is the general window the IRS has to audit a return or for you to amend one and claim a refund. For straightforward returns, once that window closes, the supporting receipts have done their job.
This one trips people up. Keep records related to a home, investments, or business property until the limitations period runs out for the year you sell or dispose of the asset — not the year you bought it. Those purchase records establish your "basis" and can save you a lot in capital gains tax later.
The IRS accepts clear digital copies, so a scanned, backed-up archive is perfectly valid — and a lot easier than a closet full of boxes. Just keep it organized by year and backed up in two places.
Not sure whether something is safe to toss? We're glad to help you build a simple, year-by-year system so you're always audit-ready without the clutter. Reach out anytime.
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