How long hold onto tax documents

Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. Wealth Wise Series How they can help in wealth creation. Honouring Exemplary Boards. Deep Dive Into Cryptocurrency. ET Markets Conclave — Cryptocurrency. Reshape Tomorrow Tomorrow is different. Let's reshape it today. Corning Gorilla Glass TougherTogether. ET India Inc. ET Engage. ET Secure IT. See which receipts to keep for doing your taxes.

Ruth Sarreal contributed to the reporting for this article. This article originally appeared on GOBankingRates. Buffett is betting big on his favorite company.

It might be time to follow suit. Investors are deciding to sell shares today as doubt surrounding the continuing operation of the company's core silver and gold asset located in Mexico, San Jose, increases. Concurrently, an analyst's bearish take on the stock is providing further motivation for investors to exit their positions. After the closing bell Thursday afternoon, Sundial released its third-quarter earnings report. Investors don't seem to care too much, evidently; as of a.

EST today, shares are up The Swedish maker of health-conscious energy drinks is sliding down from last week's all-time highs. A mixed earnings report didn't exactly help. Investors have some reason to hope that Congress might pass a marijuana legalization bill sooner than previously expected. After the recent pullback, the big data specialist's stock is now down roughly 3. Lucid Motors earnings are due Monday, with the Tesla rival's production goals in focus. Also think about keeping certain documents for non-tax purposes.

For instance, it might be wise to save W-2 forms until you start receiving Social Security benefits so you can verify your income if there's a problem. Here's a general rundown on how long you should keep certain common tax records and documents. Of course, you can always hang on to them longer if you want…but don't become a pack rat! Keep pay stubs at least until you check them against your W-2s. If all the totals match, you can then shred the pay stubs.

Take a similar approach with monthly brokerage statements—you can generally dispose of them if they match up with your year-end statements and s. Generally speaking, you should hold onto documents that support any income, deductions and credits claimed on your tax return for at least three years after the tax-filing deadline. Among other things, this applies to:. If, like most people, you don't itemize deductions on Schedule A , you might not need to hold onto as many documents.

For example, if you're not deducting charitable contributions, then you don't need to keep donation receipts or cancelled checks for tax purposes. For self-employed people, who may receive multiple s reporting business income from a variety of sources, it can be easy to miss one or overlook reporting some income. To be on the safe side, they should generally keep their s, their receipts and other records of business expenses for at least six years.

So, save any records related to such income until the six-year window is closed. Sometimes your stock picks don't turn out so well, or you loan money to your deadbeat brother-in-law who can't pay you back. If that's the case, you might be able to write off any your worthless securities or bad debts. More In File. Period of Limitations that apply to income tax returns Keep records for 3 years if situations 4 , 5 , and 6 below do not apply to you.

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, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.