The basic retention period for IRS documents is three years from the later of the tax return filing due date or the actual filing date. However, errors on your tax return for over 25% of the tax obligation require record retention of six years.
You should keep some records forever. These include copies of your tax return, home closing documents, investment stock documentation, insurance documentation and birth/death marriage certificates.
- Establishing the Correct Business Entity in DC
- Bookkeeping Tips for Startups
- Advantages of Conducting Business in Maryland
- Advantages of Conducting Business in Washington DC
- Advantages of Conducting Business in Virginia
- Recommended Software for Bookkeeping
- Surviving an IRS Audit in Maryland
- Cost of Incorporating in Delaware rather than the Washington metropolitan area.
- Small Business Retirement Plans
- Home Office Deduction for Corporate Owner