How Long Should You Keep Those Tax Records? - ABC 33/40 - Birmingham News, Weather, Sports

How Long Should You Keep Those Tax Records?

Posted: Updated:

We're into tax season now, and you're probably getting your taxes ready to send into the IRS. You may wonder how long you should hang onto those tax-related papers and documents you've accumulated over the years.

What to keep... what to toss out.  It's a dilemma for many of us when it comes to our taxes.  Here's what the IRS says.

According to the IRS, you "must keep your records for as long as they're important for the federal tax law." What does that mean?

  • In most cases, that's three years. But there are some exceptions where you'll want to hang onto records longer.
  • If you fail to report income, the IRS can go back up to six years.
  • And if you didn't file a return, or filed a fraudulent one, the IRS can come after you at any time. If you're ever accused of fraud, you'll want to have documents that support your innocence.

What about copies of your tax returns themselves?  The IRS says it's a good idea to keep those as part of your permanent files. They may be helpful in amending filed returns or preparing future ones.

Before you toss any tax-related documents, it's a good idea to invest in a shredder to guard against identity theft.

Click here for more information on how long to keep tax records.

  • Latest StoriesMore>>

  • Julio Jones cleared in time for Falcons camp

    Julio Jones cleared in time for Falcons camp

    Wednesday, July 23 2014 11:59 PM EDT2014-07-24 03:59:36 GMT
    Number '11' will be a welcome sight to fans and teammates at Falcons training camp.Wide receiver Julio Jones has been cleared to take part in practice, coach Mike Smith told The Atlanta Journal-Constitution. Atlanta begins training camp Friday in Flowery Branch, Ga. The former Alabama star injured his foot in Week 5 of last season and missed the rest of the year."He will be limited in terms of his snaps," Smith told the AJC. "Our No. 1 goal is to make sure that we've got everybody as healthy ...More >>
    Number '11' will be a welcome sight to fans and teammates at Falcons training camp.Wide receiver Julio Jones has been cleared to take part in practice, coach Mike Smith told The Atlanta Journal-Constitution. Atlanta begins training camp Friday in Flowery Branch, Ga. The former Alabama star injured his foot in Week 5 of last season and missed the rest of the year."He will be limited in terms of his snaps," Smith told the AJC. "Our No. 1 goal is to make sure that we've got everybody as healthy ...More >>
  • Man found dead from apparent gunshot wound inside Locust Fork home

    Man found dead from apparent gunshot wound inside Locust Fork home

    Wednesday, July 23 2014 10:35 PM EDT2014-07-24 02:35:17 GMT
    BLOUNT COUNTY, Alabama -- A death investigation is underway in Locust Fork after a man was found dead inside a home late Wednesday afternoon.More >>
    BLOUNT COUNTY, Alabama -- A death investigation is underway in Locust Fork after a man was found dead inside a home late Wednesday afternoon.More >>
  • Death investigation launched in McCalla after man finds decomposed body while bush-hogging property

    Death investigation launched in McCalla after man finds decomposed body while bush-hogging property

    Wednesday, July 23 2014 9:54 PM EDT2014-07-24 01:54:06 GMT
    The Jefferson County Sheriff's Office has launched a death investigation after a man discovered a decomposed body while bush-hogging his property in McCalla Wednesday afternoon.More >>
    The Jefferson County Sheriff's Office has launched a death investigation after a man discovered a decomposed body while bush-hogging his property in McCalla Wednesday afternoon.More >>
  • Governor considering special session to fund economic development incentives

    Governor considering special session to fund economic development incentives

    Wednesday, July 23 2014 9:53 PM EDT2014-07-24 01:53:09 GMT
    Alabama Governor Robert Bentley may call a special session in November to change funding for economic incentives. The money could start coming from the education budget.More >>
    Alabama Governor Robert Bentley may call a special session in November to change funding for economic incentives. The money could start coming from the education budget.More >>
  • Barber's artist skills on display

    Barber's artist skills on display

    Wednesday, July 23 2014 9:46 PM EDT2014-07-24 01:46:30 GMT
    It's called "Brushstrokes Between Cuts." And it's the first major art exhibition by local barber and artist Carter "Pooley" Moorer, Jr. The exhibition features 31 paintings that Moorer created during more than 60 years as a barber at Carter's Barbershop, his families barbershop in Ensley. Moorer's work is on display at The Birmingham Civil Rights Institute now through October 12th.According to his family, Moorer took only one art class when he was a freshman at Western Olin High School, which...More >>
    It's called "Brushstrokes Between Cuts." And it's the first major art exhibition by local barber and artist Carter "Pooley" Moorer, Jr. The exhibition features 31 paintings that Moorer created during more than 60 years as a barber at Carter's Barbershop, his families barbershop in Ensley. Moorer's work is on display at The Birmingham Civil Rights Institute now through October 12th.According to his family, Moorer took only one art class when he was a freshman at Western Olin High School, which...More >>
  • Jefferson Co. District 2 Race contested

    Jefferson Co. District 2 Race contested

    Wednesday, July 23 2014 9:43 PM EDT2014-07-24 01:43:48 GMT
    The election results may have been confirmed earlier this week, but the race to win Jefferson County's District 2 seat is not finished. ABC 33/40 has learned the election will be challenged. Someone has contested the election results.You may remember, only a small number of votes separated Shelia Smoot and Sandra Little Brown. The tight race was won by the incumbent.Brown tells ABC 33/40 Chairman Richard Mauk, with the Jefferson County Democratic Party was served the contest. We're told it ap...More >>
    The election results may have been confirmed earlier this week, but the race to win Jefferson County's District 2 seat is not finished. ABC 33/40 has learned the election will be challenged. Someone has contested the election results.You may remember, only a small number of votes separated Shelia Smoot and Sandra Little Brown. The tight race was won by the incumbent.Brown tells ABC 33/40 Chairman Richard Mauk, with the Jefferson County Democratic Party was served the contest. We're told it ap...More >>
  • Samford picked to finish third in Southern Conference

    Samford picked to finish third in Southern Conference

    Wednesday, July 23 2014 8:38 PM EDT2014-07-24 00:38:39 GMT
    Coming off it's first trip to the FCS Playoffs, Samford was picked to finish third in the Southern Conference, the highest the program has even been picked in the preseason since it joined the league in 2008.More >>
    Coming off it's first trip to the FCS Playoffs, Samford was picked to finish third in the Southern Conference, the highest the program has even been picked in the preseason since it joined the league in 2008.More >>
  • C-USA commissioner says league has bright future

    C-USA commissioner says league has bright future

    Wednesday, July 23 2014 7:29 PM EDT2014-07-23 23:29:27 GMT
    The commissioner of Conference USA sees his league at a "pivot point" with a bright future at a time when he says intercollegiate athletics are transitioning from conference realignment to system realignment.More >>
    The commissioner of Conference USA sees his league at a "pivot point" with a bright future at a time when he says intercollegiate athletics are transitioning from conference realignment to system realignment.
    More >>