We often get asked: “How long should I keep my tax records?” It’s a great question—and an important one for staying organized and protected.

Here’s a simple guide to help you:

📄 Tax Returns & Supporting Documents

We recommend keeping your tax returns and all supporting documents for at least 3 years from the date you filed. This aligns with the IRS statute of limitations for most audits.

⏳ When to Keep Records Longer

In certain situations, you should hold onto records for a longer period:

• 6 years if you omitted more than 25% of your income
• 7 years for records related to bad debt deductions or worthless securities
• Indefinitely if you did not file a return or if fraud is suspected

🏡 Property & Investment Records

Keep documents related to your home, rental properties, or investments for as long as you own the asset, plus 3 years after it’s sold. These are essential for calculating gains or losses.

📦 Employment & Income Records

W-2s, 1099s, and other income records should be kept for at least 3 years, along with receipts for any deductions or credits claimed.

🗂️ When It’s Time to Let Them Go

Once you’re past the recommended retention period, it’s important to dispose of documents securely. Simply tossing them in the trash can leave you vulnerable to identity theft.

• Shred paper documents using a cross-cut shredder for added security
• Consider using a local shredding service for bulk disposal
• For digital files, make sure they are permanently deleted and removed from your recycle bin or trash folder

💡 Our Tip

Digital copies are perfectly acceptable—scanning and securely storing your documents can save space and make retrieval much easier.

You are all probably aware that both Bob and Susie are Rotarians. The Hartmann Group is always keen to support the community when they can. So clean out those documents and bring them to The Rotary Club of Guilford's shredding event.

When: May 16th, 9 AM - 12 PM

Where: Guilford Financial Group Parking Lot, 2415 Boston Post Rd