How Long Do I Need to Keep My Tax Records?

How Long Do I Need to Keep My Tax Records?

How Long Do I Need to Keep My Tax Records?

April 15 is one of the most dreaded days of the year for many people, with the possible exception of accountants. However, what happens when all the hoopla of April 15 passes as people wake up on April 16 and go on with the rest of their lives?

You’ve filled out and filed your tax return and, of course, you’ve printed or saved an electric copy of your return. So just how long should you save those documents? Can you just toss them as soon as your refund comes? You can, but you shouldn’t. In fact, the law requires you to keep your tax returns, and all the information that goes with them, for three years.

What does the IRS thinks?

However, throwing everything away after three years could also prove costly if for some reason the IRS thinks you haven’t been accurate in one of your returns. The IRS can go back as many as six years to do an audit, should the agency wish. Therefore, keeping your tax records is very important, whether they are for business or personal.

Of course, there are many types of documents and not all of them are as important as the rest. That’s why at GROCO we have set up a helpful chart to detail which documents you should keep longer and which ones are OK to purge after less time.

You can click here to see this helpful information, which includes details for both business and personal documents, as well as which documents should be kept for a year, three years, six years and forever.

If you have any questions about saving your tax information, then you can always contact us at GROCO as well.

 

We hope you found this article “How Long Do I Need to Keep My Tax Records??” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

 

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm with clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in ,
Navigating High Stakes: Carson Holmquist's Journey in Innovative Logistics

Navigating High Stakes: Carson Holmquist’s Journey in Innovative Logistics

Today, American Dreams host, Alan Olsen, sits down with Carson Holmquist, Co-Founder, Stream Logistics to discuss innovation and navigating high stakes. Transcript: Alan Olsen: Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Carson, Holmquist. Carson. Welcome to today’s show. Carson Holmquist: Thanks, Alan. So, so, so grateful to be…

Sports, Business, and Beyond: A Moment with Alexis Levi

Sports, Business, and Beyond: A Moment with Alexis Levi

Today, American Dreams host, Alan Olsen, sits down with Alexis Levi, a true pioneer in the sports and entertainment industry. As the first African American woman to become the owner and general manager of a men’s professional basketball team, Alexis shares her remarkable journey from being a competitive ice skater to entering the sports world.…

Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Impact Venture Capital & GROCO’s “Venture Vision” Seminar 2 of 6 (To register FREE, click here.) This free online instructional seminar on January 11, 2023, at 10 AM is an excellent opportunity to learn more about the risks and rewards associated with venture capital (VC) investments. By covering topics such as the stages of funding,…

Mastering Comprehensive Financial Planning with Bill Gombert

Mastering Comprehensive Financial Planning with Bill Gombert

Introduction: In this interview, Alan Olsen, CPA and featured guest Bill Gombert discuss comprehensive financial planning and much more. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Bill Gombert. Bill, welcome to today’s show. Bill Gombert Thank you very much pleasure to be here. Alan Olsen So, Bill, you’re…