How long to keep tax returns is one of the most asked questions in personal finance.
Did you know the average American spends 13 hours every year preparing federal tax returns? For small business owners, that figure almost doubles to 24 hours!
It’s always a relief once taxes are filed for the year. But what do you do with all the paperwork afterward? How long should you keep your tax returns and records?
For most people, three years is a good time frame, but it could be much longer in many situations. Plus, it can often be a good idea to hold onto records longer than the required time for other non-tax reasons.
Keep reading to find out exactly how long you should keep your tax records in your situation. The answer may surprise you![Read more…] about How Long to Keep Tax Returns: 7 Questions to Consider