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Post by Gypo on Mar 16, 2021 20:22:36 GMT -5
How many years of tax information do I need keep? Wife is going through stuff.
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Post by toshtego on Mar 16, 2021 20:25:40 GMT -5
How many years of tax information do I need keep? Wife is going through stuff. The general rule is 7 years. That is the most recent seven consecutive years. Not seven versions of the same year or seven years randomly spread over a generation or two. Just saying... |
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Post by Silver on Mar 16, 2021 20:26:38 GMT -5
How many years of tax information do I need keep? Wife is going through stuff. My understanding is 7 years, but could be wrong. Not an accountant or tax lawyer. |
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Post by trailboss on Mar 16, 2021 20:31:27 GMT -5
How many years of tax information do I need keep? Wife is going through stuff. The general rule is 7 years. That is the most recent seven consecutive years. Not seven versions of the same year or seven years randomly spread over a generation or two. Just saying... Yep...I agree with John, but if the feds come after you it is all on John. |
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Post by swampgrizzly on Mar 16, 2021 20:38:13 GMT -5
How many years of tax information do I need keep? Wife is going through stuff. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. |
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Post by Gypo on Mar 16, 2021 20:53:09 GMT -5
How many years of tax information do I need keep? Wife is going through stuff. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. This is what the wife found online but it can be a little confusing so that's why I asked you guys thank you swampgrizzly |
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Post by Gypo on Mar 16, 2021 22:59:16 GMT -5
Wife has gone through and added 4 boxes to be burned yes less stuff!
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Post by instymp on Mar 17, 2021 17:59:29 GMT -5
7 years was always the rule but my acct. told me 3 years. Years ago.
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Post by Gypo on Mar 17, 2021 18:56:42 GMT -5
Wife has been cleaning up the basement took two buckets of ash out of the stove this morning mostly burnt up paper stuff.
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Post by Plainsman on Mar 17, 2021 19:09:28 GMT -5
Speaking of taxes (ugh!)— I heard a rumor that the deadline might be moved to May.
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Post by trailboss on Mar 17, 2021 20:11:05 GMT -5
I am on the hook for 5k this year to the feds.
I guess I am one of the rich guys kind of like Warren Buffets secretary who he complained paid more taxes than him. Never mind he had an army of lawyers contesting his billion dollar tax bill some years back.
Cheaper for me to pay the tax than fight the IRS.
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Post by Gypo on Mar 17, 2021 20:13:33 GMT -5
I am on the hook for 5k this year to the feds. I guess I am one of the rich guys kind of like Warren Buffets secretary who he complained paid more taxes than him. Never mind he had an army of lawyers contesting his billion dollar tax bill some years back. Cheaper for me to pay the tax than fight the IRS. I was going to hit the like button but I don't like you having to pay trailboss |
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Post by CrustyCat on Mar 18, 2021 1:12:20 GMT -5
7 years is what I heard also. I have simple taxes though, no itemizing, so maybe no years. Hehe. Let the IRS figure it out. When my Mom passed away in 2013, I found tax records and ledgers she used to keep dating back to the early 70's. It was interesting to say the least to look at what she made or had to do to finagle her wages to keep me and my brother fed. She never let us know how tight things got after her and our dad divorced, and she always had a house for us to live in. She was great indeed.
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Post by Plainsman on Mar 18, 2021 8:59:16 GMT -5
A potential client was feeling out an accountant. “How much is two and two?” The accountant replied, “How much do you want it to be?” He got the job.
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Post by Plainsman on Mar 18, 2021 17:32:07 GMT -5
The tax deadline IS 17 May now.
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Post by sperrytops on Mar 19, 2021 12:28:50 GMT -5
My taxes have been filed electronically for quite a few years now. I also scan the supporting documents and trash the originals, so my tax records take up no space at all. However the statement above about 2/3/7 years is correct, according to my accountant.
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Post by sperrytops on Mar 19, 2021 12:30:31 GMT -5
However certain crimes are not subject to a statute of limitations. So if you deduct certain expenses for committing crimes, you may want to hang on to those records a little longer.
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Post by instymp on Mar 19, 2021 17:32:20 GMT -5
I am on the hook for 5k this year to the feds. I guess I am one of the rich guys kind of like Warren Buffets secretary who he complained paid more taxes than him. Never mind he had an army of lawyers contesting his billion dollar tax bill some years back. Cheaper for me to pay the tax than fight the IRS. I would rather owe them than they owe me at the end of the year. Hate to send them the check though! |
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Post by toshtego on Mar 19, 2021 19:37:41 GMT -5
The general rule is 7 years. That is the most recent seven consecutive years. Not seven versions of the same year or seven years randomly spread over a generation or two. Just saying... Yep...I agree with John, but if the feds come after you it is all on John. I accept the responsibility. It will take more than Rooster Cogburn and a posse of Marshalls to get me out of here. I know our regional Revenue Agent, Ms. Emma Kuntz. If she calls me to come in, I will be there hat in hand. She is pretty good officer. |
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Post by trailboss on Mar 19, 2021 20:19:14 GMT -5
Yep...I agree with John, but if the feds come after you it is all on John. I accept the responsibility. It will take more than Rooster Cogburn and a posse of Marshalls to get me out of here. I know our regional Revenue Agent, Ms. Emma Kuntz. If she calls me to come in, I will be there hat in hand. She is pretty good officer. If I was her, I would change my last name.... not a great name in her field. |
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Post by trailboss on Mar 19, 2021 20:20:26 GMT -5
I am on the hook for 5k this year to the feds. I guess I am one of the rich guys kind of like Warren Buffets secretary who he complained paid more taxes than him. Never mind he had an army of lawyers contesting his billion dollar tax bill some years back. Cheaper for me to pay the tax than fight the IRS. I would rather owe them than they owe me at the end of the year. Hate to send them the check though! One year I had to cut a check for 16k after I got bad advice from a financial guy... that really hurt. |
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Post by toshtego on Mar 19, 2021 20:23:49 GMT -5
I accept the responsibility. It will take more than Rooster Cogburn and a posse of Marshalls to get me out of here. I know our regional Revenue Agent, Ms. Emma Kuntz. If she calls me to come in, I will be there hat in hand. She is pretty good officer. If I was her, I would change my last name.... not a great name in her field. You can tell her that. It might be "koontz". Sounds the same, I cannot remember the spelling. Last time I saw her she was still packing a S&W Model 19 with a 3 inch barrel. . |
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