How long do i need to keep my irs records befor i can dispose of them?

Question

How long do i need to keep my irs records befor i can dispose of them?

Answer 1

keep them atleast 3-7 yrs..depending on the depth of your taxes....if you are just a 1040EZ then 3 yrs but if your a 1040 or 1120S or c and  own a business or have a lot of stuff with yours like a house, tuition, students and kids....then keep them 7 yrs. Just buy a small file cabinet or chest and store all docs from one year in a folder or big envelope, mark the year on the outside for easy access for later.

Answer 2

i think it is after three years..... or maybe it's just one.

i would shred your records......  and use the paper as mulch.