Record Keeping
While it may bring you some personal satisfaction to review your financial records from poverty to wealth. It is still probably time to clean out your growing storage of Records. Anyway, you 'know' that as soon as the garbage man pulls away from your curb, the IRS will want exactly those documents you threw out. Let's look at what are the rules? What information do you have to hold on to and for how long? Let's start with your "zone of security", the IRS statute of limitations. This limits the number of years for which the IRS can audit your tax returns. Once that period has expired, the IRS is legally stopped from even asking you questions about those returns. ...
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