Record Keeping

Uploaded by irsvideos on 02.11.2009

HECTOR: Here's a tip from the IRS.
Hi. I'm Hector, and I work for the IRS.
Organizing your financial records now
will make filling out your tax return easier next year.
It will also help if your return is audited.
Now, keep in mind --
it doesn't matter what type of record keeping you choose.
In fact, you can even use a shoe box.
But what does matter is how long you keep certain documents.
In general, you need to keep things like tax returns,
as well as bills, credit card statements
and canceled checks related to your tax returns,
for three years.
More complicated documents
that support stock transactions and your IRA
should be kept for at least four years.
If you run a business,
make sure you keep all these related documents
for a minimum of four years.
Remember -- keeping good tax records is important.
Find out more at