For those of you have already filed, congratulations! Give yourself a pat on the back.
For the rest of you, best of luck as you try to meet today’s filing deadline. Don’t think you can make it? You can always file an extension but you’ll also need to do this by today.
Tax day is also a great day to do some spring cleaning of your financial and personal documents. A few tips from Beth Givens, Director of the Privacy Rights Clearinghouse:
1. You’ll need to keep a few files indefinitely: examples include birth certificates, marriage certificates, divorce and adoption papers, citizenship records, and military service papers.
2. Also keep records of things you own until you sell them: deeds for real estate, other mortgage papers, automobile titles, bonds, and stock certificates.
3. How long should you keep tax records? The IRS has 3 years in which to audit your income tax return. However, this limit does not apply if you failed to report more than 25 percent of your gross income (the limit then is 6 years). There are no time limitations if you filed a fraudulent return or if you failed to file a return.
For a complete guide to tax recordkeeping, see IRS Publication 552, Recordkeeping for Individuals or call 1-800-TAX-FORM (800-829-3676) to obtain a free paper copy.