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Thursday, April 19, 2012

Yahoo!: How Long to Keep Your Tax Returns

From what I read it can range from three to seven years, depending on. Yeah, depending on what? Your reasons for tossing them out after three years may not coincide with the reasons the IRS comes up with to audit you pertaining to something that was filed five years ago.

I would say that it is better to be safe then sorry and keep them for the seven year time period. However, that also means you have to find a good, safe and secure storage space for them. All that information could easily lead to identity theft when it falls into the wrong hands.

Where on earth are we going to find such a space? Oh, I just got a luminous idea; how about an underground bunker with 24/7 surveillance where you can stash them for a small annual fee? I think I am going to corner the market on this one and make some extra income.

On second thought; extra income means extra filing. Extra filing means extra taxes. Extra taxes mean paying extra and more paperwork to keep and I don't want to keep my tax returns at all, no matter for what period of time.

Nah, better keep them for seven years, because although I read that paying taxes is supposed to be voluntarily, try telling that to the IRS.

It is most likely they are not going to let you get away with it!

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