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How Long Should You Keep Tax Records?

Now that tax season is over, you’re left with your tax records and hopefully a little of your refund as well!

Many taxpayers often wonder how long should I keep my tax records. Is it 1 year, 2 years or until the end of the world? The IRS suggests holding onto most tax records for three years; however, some records such as a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer.

In addition to keeping tax records, the IRS states taxpayers should keep all documents that may have an impact on your federal return. This includes:

• Bills
• Credit card and other receipts
• Invoices
• Mileage logs
• Canceled, Imaged or substitute checks
• Proof of payment
• Other records to support deductions or credits you claim on your return

Speaking of deductions, did you know TaxSlayer.com has a feature that allows you to efficiently manage and track your deductions? “My Deductions” allows you to input all of your monetary, stock, mileage and noncash item deductions, as well as your employment and medical expenses. The beauty of this feature is that you can import these deductions directly into your tax return AND it will save you time when completing your tax return!

To access the My Deductions tracker, login to your TaxSlayer.com account, then click on the My Deductions link. Once inside the My Deductions menu, you can add your deductions as they occur throughout the year.
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