Record Keeping - ASL YouTube video text script
Hi, I’m Patrick and I work for the IRS.
Organizing your financial records now will make filling out your tax return easier next year. It will also help if your return is audited.
Now it doesn’t matter what type of recordkeeping you choose.
You can even use a shoebox.
But what does matter is how long you keep certain documents.
In general, you need to keep things like tax returns, as well as bills, credit card statements and cancelled checks related to your tax returns for three years.
More complicated documents that support stock transactions and your IRA should be kept for at least four years.
If you run a business, make sure you keep all these related documents for a minimum of four years.
Remember, keeping good tax records is important.
Find out more at www.IRS.gov