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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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Survive an Audit
- Delay the audit.
- Don't host the audit.
- Have realistic expectations.
- Be brief.
- Don't offer other years' returns.
- Reconstruct records.
- Negotiate.
- Know your rights.
- Consult a tax pro.
- Appeal the result.
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