RECORD RETENTION GUIDE

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We ensure expats do not have to pay any additional taxes as against what is required, or pay penalties or interest just because you’re not well-versed with the process of tax filing. We help you understand the tricky US taxes, and save yourself from penalties. All you need to do is contact us via call or email to get relieved of all tax worries, and enjoy your life abroad!



Storing tax records: How long is long enough?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they`re safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

Business Records To Keep...Personal Records To Keep...
        1 Year        1 Year
        3 Years        3 Years
        6 Years        6 Years
        Forever        Forever
Special Circumstances

Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.

Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don`t forget to label it).

You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.

Caution: Identity theft is a serious threat in today`s world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.

Business Documents To Keep For One Year

Business Documents To Keep For Three Years

Business Documents To Keep For Six Years

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you`ll want to retain these documents indefinitely.

Personal Documents To Keep For One Year

Personal Documents To Keep For Three Years

Personal Documents To Keep For Six Years

Personal Records To Keep Forever

Special Circumstances

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