{"id":1001,"date":"2018-02-09T14:38:01","date_gmt":"2018-02-09T21:38:01","guid":{"rendered":"http:\/\/blog.denverqbhelp.com\/?p=1001"},"modified":"2018-02-09T14:38:01","modified_gmt":"2018-02-09T21:38:01","slug":"time-to-go-through-your-tax-records-consider-this","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/02\/time-to-go-through-your-tax-records-consider-this\/","title":{"rendered":"Time to go through your tax records? Consider this"},"content":{"rendered":"<p>You&#8217;re probably getting ready to go through last year&#8217;s records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.<br \/>\nChances are you&#8217;re a little confused about what to keep and what to throw when it comes to tax and financial records. No worries. It&#8217;s time to sort through what you&#8217;ve got and keep only the important stuff. Here&#8217;s what to keep in mind:<br \/>\n\u2022 Keep records that directly support income and expense items on your tax return. For income, this includes W-2s, 1099s and K-1s. Also keep records of any other income you might have received from other sources. It&#8217;s also a good idea to save your bank statements and investment statements from brokers.<br \/>\n\u2022 The IRS can audit you within three years after you file your return. But in cases where income is underreported, they can audit for up to six years. To be safe, keep your tax records for seven years.<br \/>\n\u2022 Retain certain records even longer. These include records relating to your house purchase and any improvements you make. Also keep records of investment purchases, dividends reinvested and any major gifts you make or receive.<br \/>\n\u2022 Hold on to copies. Keep copies of all your tax returns and W-2s in case you ever need to prove your earnings for Social Security purposes.<br \/>\nFor our clients, we are now using a cloud based secure storage system where they can scan documents and keep them in these files for as long as they remain a client of ours.\u00a0 Keeping records in the cloud is a great way of having a backup of your documents without them taking any space in your home or office.<br \/>\nPlease call our office if you have questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;re probably getting ready to go through last year&#8217;s records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records. Chances are you&#8217;re a little confused about what to keep and what to throw when [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Time to go through your tax records? Consider this - O&#039;Connor CPA Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oconnorcpafirm.com\/blog\/2018\/02\/time-to-go-through-your-tax-records-consider-this\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time to go through your tax records? 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