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Tax Tip! TaxBreak 2008 from wchstv.com
Smart Ideas To Save You Time and Money on your Taxes

Keeping old tax records

Much is made of the digital age, but when it comes to holding on to old tax records, there's nothing like an old accordion file, or folders, or even a shoe box for filing away receipts and other documents.

But there's a thin line between record keeping and clutter, which raises the question: How long should you hold on to old income tax returns and supporting documents?

Typically, the IRS has three years to audit old tax returns. It can go back six years if it believes income was underreported by at least 25 percent. If it thinks fraud was involved or you failed to file a return, the agency can look back even further.

Still, some records should be kept longer. These might show what it cost you to purchase a home as well as any improvements you made to it so you can determine the loss or gain from the sale of the home.

And there are reasons to keep certain records that aren't directly related to tax returns. For example, W-2 forms can be useful in settling disputes about Social Security benefits.


More TaxBreak 2008
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Common Tax Forms you can download as Adobe Acrobat (PDF) forms. The complete list of tax forms is available at www.irs.gov You can download a free Adobe Acrobat reader from Adobe

Form W-4 Employee's Withholding
Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents
Instructions for 1040EZ Instructions
Form 1040 U.S. Individual Income Tax Return
Instructions for 1040 (Tax Tables) Tax Table and Tax Rate Schedules
Instructions for 1040 (General Inst.) Instructions for Form 1040
Form 1040 (Schedule A&B) Itemized Deductions and Interest & Dividend Income
Instructions for 1040 (Schedule A&B) Instructions
Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Instructions for 1040 (Schedule C) Instructions
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship)
Form 1040 (Schedule D) Capital Gains and Losses
Instructions for 1040 (Schedule D) Instructions
Form 1040 (Schedule D-1) Continuation Sheet for Schedule D (Form 1040)
Form 1040 (Schedule E) Supplemental Income and Loss
Instructions for 1040 (Schedule E) Instructions
Form 1040 (Schedule EIC) Earned Income Credit
Form 1040 (Schedule F) Profit or Loss From Farming
Instructions for 1040 (Schedule F) Instructions
Form 1040 (Schedule H) Household Employment Taxes
Instructions for 1040 (Schedule H) Instructions
Form 1040 (Schedule J) Farm Income Averaging
Instructions for 1040 (Schedule J) Instructions
Form 1040 (Schedule R) Credit for the Elderly or the Disabled
Instructions for 1040 (Schedule R) Instructions
Form 1040 (Schedule SE) Self-Employment Tax
Instructions for 1040 (schedule SE) Instructions
Form 1040A U.S. Individual Income Tax Return
Instructions for 1040A Instructions
Form 1040A (Schedule 1) Interest and Ordinary Dividends for Form 1040A Filers
Form 1040A (Schedule 2) Child and Dependent Care Expenses for Form 1040A Filers
Form 1040A (Schedule 3) Credit for the Elderly or the Disabled for Form 1040A Filers
Instructions for 1040A (Schedule 3) Instructions
0696 Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents


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