Weatherford Democrat

Aledo ExtrA

February 2, 2014

EXTENSION NEWS: How long to store tax records?

(Continued)

• You file a fraudulent return; keep records indefinitely.

• You do not file a return; keep records indefinitely.

• You file a claim for credit or refund after you file your return; 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.

• You file a claim for a lost from worthless securities or bad debt deductions; keep records for 7 years.

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

• Keep records relating to property until the period of limitation expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization or depletion deduction and to figure the gain or losses when you sell or otherwise dispose of the property.

When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes.

For example, your insurance company or creditors may require you to keep them longer than the IRS does.

While you’re going through the files, you might want to go on the attack on other paperwork you may no longer need for record keeping tips and helpful information.

There is a record keeping guide at http://parker.agrilife.org/files/2014/01/Household-Record-Keeping-Tips.pdf or for a hard copy call 817-598-6168. Also there is good information on record keeping at http://publications.usa.gov/epublications/keeprecords/keeprecords.htm.

• Warranties. Keep these records, especially for big-ticket items such as vehicles and major appliances, for as long as you own the item in question.

• Records that are not easily replaceable, such as military service records, Social Security cards, birth and marriage certificates, property titles, and household inventories. These should be kept someplace safe — in a fire-, water- and burglar-proof safe, for example – or in a safety deposit box.

Keep record-keeping as simple as possible. Some people like to keep records in file folders (if you file your records alphabetically, they’re easy to find). Other people like to keep a box for warranty information, another for tax records and another for bank statements. Whatever works for you is the best option.

Source: Ohio State Cooperative Extension and IRS.

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Aledo ExtrA
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     Thursday night, July 17, I was present for a surprisingly interesting experience when State Representative candidate Matthew Britt addressed a small group of supporters, followed by a question and answer session.

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