Tax season is right around the corner. Now is the time to start thinking about how you manage your tax records. When is an appropriate time to purge previous years’ tax documents? How can you protect your sensitive information in the process? Mark Weiskind, CFP, CPA/PFS (inactive) shared his thoughts on how long clients should keep tax returns and other IRS records with Mallika Mitra at Bankrate. “Taxpayers should keep tax records for at least three years. The IRS has a three-year statute of limitations to audit your return and assess additional tax,” he said. “Taxpayers have three years from the date a return is filed to claim a refund due.” Click here for the full article.
