Not Sure What You Should Shred?
According to the IRS, you should keep all of your filed tax returns. It helps when preparing future returns and for reference if you file an amended return. Unless otherwise stated, the years refer to the period after the return was filed. This is what they have to say about the rest of the paperwork:
- You owe additional tax and situations (2), (3), and (4), below, do not apply to you- keep records for 3 years.
- You do not report income that you should report, and it is more than 25% of the gross income shown on your return- keep records for 6 years.
- You file a fraudulent return- keep records indefinitely.
- You do not file a return- keep records indefinitely.
- You file a claim for credit or refund after you file your return- keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
- You file a claim for a loss from worthless securities or bad debt deduction- keep records for 7 years.
- Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.