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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

Carrie King

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Construction & Real Estate  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Service Businesses

How Long Should I Keep Tax Records?

Figuring out how long you need to keep your tax records can be tricky. The easiest (and vaguest) answer is that it depends. The general rule of thumb, according to the IRS, is that you need to keep records that support an item of income, deduction or credit until the period of limitations for that tax return runs out. The period of limitations is the time in which you can A) amend your tax return to claim a credit or refund and B) the IRS can assess additional tax.

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