December 14, 2006

Free Stuff

Well I am not giving these books away but it is just too good of a deal for me not to mention here. PFAdvice.Com received some books to review and are giving them away. They are titled Tax Deductions A-Z. I don't know how good they are but you can't beat the price! Here is the link to the post that talks about the books. Make sure you leave a nice comment.

December 13, 2006

3 years, 7 years, Forever? How long do you hold on to your tax records?

This is one of the most common questions I receive. How long do you hold your records? I would suggest always keeping your tax records in a secure location for as long as possible. But this is not a perfect world and space comes at a premium. So, for the most part you just have to hold on to your records for 3 years. There are a couple exceptions to this rule though.

  • First if you didn't report more then 25% of income that you should have reported you need to hold on to your records for 6 years.
  • If you straight up lied on your taxes or did not file your return(shame on you!) you should hold on to that years records forever.
  • If you have employees keep all records pertaining to them for at least 4 years.
That is the majority of all the cases. There are a couple of special cases that won't apply to the majority of people. If you want to see more about this then check out the IRS website on this information here.


I currently run Green Mountain Tax Preparation and throughout the year I am continuously approached about different tax related situations. TaxBreaker is being started to help all those lost and confused people that are looking for all the tax breaks that are available to them. Now you ask the questions and I do all that dirty hard work to find the answers for you. I will post with a new topic and advice as often as possible (could mean a day, could mean a week). But I promise that all questions will be answered.
This service is for you so feel free to leave questions or comments on the blog.