Record Retention Guidelines
We are often asked about how long specific records should be kept. Discarding records that should be kept poses a wide range of potential tax and legal problems. As to your tax records, the statute of limitations period for income tax returns is generally three years. It is six years if there is a substantial understatement of gross income. A good rule to thumb is to add a year to the statute of limitations period. Using this approach, taxpayers should keep most of their income tax records a minimum of four years, but it is more prudent to retain them for seven years.
We recommend that you keep your tax records for at least 7 years. Please visit https://www.irs.gov/taxtopics/tc305 for more information.
Tax Withholding Estimator:
Chart Shows When to Expect Your 2020 IRS Tax Refund:
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The Law Office of Darius Khayat, A Professional Law Corporation, is located in San Marcos, California. Their offices provide expert legal representation and advice to individuals, families and businesses throughout the State of California. (Darius Khayat is not a LPL Financial representative.)
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The FTB are responsible for administering two of California’s major tax programs: Personal Income Tax and the Corporation Tax.
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