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Good tax records should be kept on an on-going basis and are used to help you manage your business and continue to improve it. They allow you to keep track of your valuable deductions and prepare you in the event of an audit.
Generally, the IRS recommends keeping records for a period of three years unless there is unreported income for which they may audit for up to six years, or seven years if you claim a loss. Some records are worth keeping indefinitely due to long term needs. If you own a business, record keeping becomes even more involved.
Please give us a call if you need help determining a system for your record keeping and be sure to visit the IRS website for the most up to date information on tax recordkeeping.
What Records should I keep?
Any records that clearly show your income and expenses.
Real Estate Taxes
Real Estate Purchase and Sale
Meet with our team of professionals to review your specific tax-related questions or other financial situations.