Save Space & Stay Compliant: The IRS Rules on Keeping Tax Records
Completed your taxes? Learn which old tax records to keep for audit defense, amending returns, claiming refunds, and determining tax basis.
Completed your taxes? Learn which old tax records to keep for audit defense, amending returns, claiming refunds, and determining tax basis.
Increasingly complex tax laws make it more likely that errors are made or items are omitted on tax returns, but they can, and should be, corrected by amending the return, generally within 3 years of filing the original return.
Getting a letter from the IRS can make some taxpayers nervous – but it does not necessarily mean you are in trouble. Watch this video for quick tips on how you should handle this.
for those worried about getting audited, understanding tax credits and seeking professional advice can mitigate risks and ensure compliance.
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