Quote: (03-27-2017 11:39 AM)Diop Wrote:
Today’s Tax Tip of the Day – Individuals should keep records that support items on their tax return for at least three years after the return has been filed. If you live in a state that levies an income tax, you should keep supporting records for four years because the IRS shares audit results with states, and by the time states receive and process the IRS audit results, another year has passed.
Examples of records and documents you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks or other proof of payment, and any other records to support deductions or credits claimed.
I have heard stories of people who got audited and saved more than the required 3 years, and the IRS went through the older ones as well. Can they do that? I shred mine after 3 years so I don't have to worry about it.