Weatherford Democrat

Top News

February 2, 2014

EXTENSION NEWS: How long to store tax records?

By KATHY SMITH

You may be starting to collect your documents that you need for filing your 2013 taxes. You may have found that you have tax records and other information for many years. You may wonder how long do I need to keep all of these records.

Officially, the Internal Revenue Service has three years to audit federal income tax returns, but there are exceptions. The agency gives itself six years after a return was filed to audit in unusual cases — for example, if additional income comes to light, and the amount is more than 25 percent of the income shown on the return.

In addition, if the IRS determines a return was false or fraudulent, an audit can occur at any time — there is no time limit.

Even as you purge your old files, you might want to keep some of the records that you have with your tax returns. For example, you may want to hang onto your W-2 forms, which show your annual income and the taxes withheld from your paycheck.

These could be important at some point, such as when you file for Social Security or other benefits, in case there’s some type of discrepancy about your work history.

In addition, if you’ve kept records pertaining to buying or refinancing property or making major home improvements with your taxes, pull those before you start shredding. They could be useful if you sell your property in the future and need to establish capital gains or losses.

In keeping tax returns and information here are the recommendations from the IRS:

• You owe additional tax and situations 2, 3, and 4, below do not apply to you: keep records for three years.

• You do not report income that you should report and it is more than 25 percent of the gross income shown on your record; keep records for six years.

Text Only
Top News
  • IMG_7134.JPG Despite cold, peach crops looking rosy

    Parker County peach growers won’t know for sure for a few more days, but as of Wednesday, one day after April temperatures plummeted into the low 30s, they’re predicting a good, even rosy, peach harvest for this year’s Parker County Peach Festival.

    April 16, 2014 1 Photo

  • Larue, Jeffrey.jpg Wanted sex offender found in Weatherford

    A sex offender reportedly sought by Hood County authorities after failing to register as required was found in a Weatherford hotel last week, police say, after exposing himself to an employee.

    April 16, 2014 1 Photo

  • Animal shelter throwing a party

    The Weatherford Parker County Animal Shelter made a promise to its staff, volunteers and rescues that if the shelter was able to achieve a 90 percent live release rate by the end of March, the shelter would throw a community-wide party to celebrate its accomplishments.

    April 16, 2014

  • Veterans Memorial Rendering.jpg Cabin fever

    Weatherford Parks and Recreation officials are looking to renovate two areas to make them more user friendly.

    April 16, 2014 1 Photo

  • 0416 loc WISD new HR director.jpg Chapman named WISD’s new Human Resources director

    Members of the Weatherford ISD Board of Trustees last week approved Monty Chapman as the district’s new executive director of Human Resources.

    April 15, 2014 1 Photo

  • Parker County man killed in single-vehicle wreck

    A 60-year-old Parker County man was killed around 9:30 a.m. Tuesday in a one-vehicle crash in the 2100 block of FM Road 3325, also known as Farmer Road.

    April 15, 2014

  • IMG_6890.jpg WC’s new Allied Health Building nears completion

    Construction crews are in high swing as the completion date for Weatherford College’s new Don Allen Allied Health Building nears.

    April 13, 2014 1 Photo

  • easter eggs.jpg EXTENSION NEWS: Enjoy Easter eggs safely

    Eggs have been used to celebrate spring festivals for centuries. Immigrant settlers brought symbolic Easter rabbits and colored eggs to America. Since then, Easter egg hunts have been beloved by children everywhere.

    April 13, 2014 1 Photo

  • VETERANS’ CORNER: Women on subs? Navy exploring the possibility

    The United States Navy is surveying enlisted women and to gauge those interested in volunteering for submarine force duty.

    April 13, 2014

  • Biz Index 1.jpg A Little Bit of Everything

    Kris Hurley and Natalie Mynar know a “Little Bit of Everything.” They should, as it’s their business to.

    April 13, 2014 1 Photo

Must Read
Top News
House Ads
AP Video
Poll

The City of Weatherford is considering an ordinance that would ban smoking inside restaurants and enclosed areas where food is prepared, sold or consumed. Do you agree with this proposal?

Yes
No
Undecided
Don't care
     View Results