Keep employment tax records for at least four years after the date that the tax becomes due or is paid, whichever is later. To put it more plainly, you will need to keep your tax records between three and seven years. To be on the safe side without needing to recall the fine print, just remember to keep your tax records for seven years.

How long should I keep tax records, medical bills?

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

How long to keep tax records and investment documents?

Once you’ve done that, shred the paper documents or securely trash electronic files unless you need them to support your tax return. Keep insurance policies and investment statements until new ones arrive. Keep for a year or longer. Hold on to loan documents until the loan is paid off. That will often be for more than a year.

Is there a statute of limitations on keeping a tax return?

Keeping tax returns for the three-year time period is tied to the IRS statute of limitations. Under the statute, if you do not file a claim for a refund that you are entitled to, you generally have the later of three years from the date you filed the original return or two years from the date you paid the tax, to file the claim.

How long do you have to keep employment tax records?

Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Why do we need to keep our tax returns?

Pull your own SSA records immediately and make sure they are correct — or to see how many quarters you still need in order to collect benefits. So, reason No. 1 to keep your tax returns forever is — to protect your Social Security or retirement benefits. Reason No. 2 — You bought things.