W-2 and 1099 are significant tax forms to keep on file

After I file my tax return, how long should I keep my tax documents?

Collecting tax forms can be a task when preparing your tax return, but holding on to them after you have filed is new territory for many. The best way to handle tax documents is to prepare an organization and storage system that works best for your needs.

As a general rule, you will want to keep your tax records and supporting documentation until the statute of limitations runs for filing returns or filing for a refund. That means you’ll want to keep these records for three years following the date you filed the return or the due date of your return, whichever is later.

The documents you’ll want to keep would include your W-2 and 1099 forms, mileage logs, and any other records used to support deductions or credits you claimed on your tax return.

Additionally, if you filed a claim for loss from worthless securities or a bad debt deduction, the records for these should be kept seven years.If you have any question as to whether or not you should keep tax documents contact your Murfreesboro CPA.