Hang onto those supporting documents for your tax return

taxes

Now that the tax filing deadline is here, it’s time to focus on all those documents that support your return.

Keep copies of your returns forever. They can help when you apply for a mortgage or disability insurance or need the value of your assets. To save space, you can scan the returns and keep a digital archive.

Also save your canceled checks, receipts for home purchase costs, home improvements, and statements for credit-card and bank accounts, your home mortgage, stocks and mutual funds.

The IRS could audit you for up to three years, so keep those documents for at least that long.

Sound: upcoming

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