How long should I save it?

As the pile of your tax records keeps growing every year, you might be tempted to put all those documents in the shredder after filing your tax return. Don’t go tossing those receipts just yet, though.

The IRS looks for documentation that properly shows an item of income, deduction or credit on your tax return until the statute of limitations for that tax return runs out. Therefore, it advises taxpayers to have records that defend their tax return in the event of an IRS audit.

But how long should you keep these documents? Watch the video below to find out.

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