Good records make tax time easier and protect you if the IRS or the Georgia Department of Revenue has questions. Here are general guidelines for how long to keep them.
| Type of record | How long to keep it |
|---|---|
| Most tax returns and supporting records | At least 3 years from the date you filed (or the due date, if later). This is the general period the IRS has to audit a return. |
| Records if income was substantially underreported | 6 years. The IRS has longer if more than 25% of income was left off a return. |
| Claims for worthless securities or bad debts | 7 years. |
| Employment tax records | At least 4 years after the tax is due or paid, whichever is later. |
| Property and investment records | Until the period of limitations expires for the year you sell or dispose of the asset. These records establish your basis. |
| Copies of filed tax returns | Many people keep them permanently. They are useful for loans, estate matters and answering future questions. |
| Unfiled or fraudulent returns | Indefinitely — there is no time limit for the IRS in these cases. |
Tips
- Store digital copies in a secure, backed-up location. Scanned receipts are generally acceptable.
- Lenders, insurers and state agencies may require you to keep records longer than the IRS does.
- Shred documents containing personal information when you no longer need them.
For the official details, see How long should I keep records? on IRS.gov.
Not sure what to keep? Call us at (404) 223-5950.