How long should I keep records for?
Do you know how long to keep records for? We recently confirmed this information for a client of ours and wanted to share. The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. Here are the period of limitations. [click to continue reading…]