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TAXES & AUDITS
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Personal Taxes: Overview

With the possible exception of accountants, nobody likes taxes. As an individual, you’re responsible for paying taxes on any income that you earn. The important thing is to file a return on time, and to pay the taxes you owe by the deadline. If you can't, the IRS does offer payment plans, though it will charge you interest. Here are some questions about taxes that you may need answered.

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Keeping Tax Papers
Keep anything related to your tax return for at least three years after you file.

Top Ten Tips for Surviving an Audit
Convince the IRS you were entitled to the credits, deductions, and exemptions you took.

IRS Installment Payment Plans
If you can pay your debt over time, an installment plan may be the right solution.

When can I toss my tax records?

My file cabinet is bursting at its seams because I have receipts and records from the last ten years! I need to toss all old records but the essentials. How long are you required to maintain personal records in the event of an audit? I was told three years. Is this correct?

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