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Nicholas B. Boxter CPA

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Record Retention Requirements

 

  • How long do I need to keep my tax return and other related information?
  • Do I need a paper copy of my tax return?
 
Q: How long do I need to keep my tax return and other related documents?
A: The standard rule for keeping tax returns is simple, forever. As for documents and receipts used to prepare the return the rule is seven years plus the current year. For example for year 2015 you should retain documents dating back to January 1, 2007. When purging old records be sure to destroy them to protect against identity theft by using a cross cut shredder.

Q: Do I need a paper copy of my tax return?
A: Every taxpayer is required to receive a copy of their return from their tax professional when it is prepared. A paper copy is not required because other electronic methods have become accepted by government agencies and popular with clients. Other acceptable methods for taxpayers to receive a copy of their tax return are via the online portal, CD-ROM or E-Mail. If an alternative electronic method is chosen be sure to make a few backup copies and it is still recommended to print a copy.