February 24, 2006, Newsletter Issue #114: Keeping Tax Records

Tip of the Week

As a general rule of thumb, itīs good to keep your tax returns for at least seven years. Try setting up seven files for storing your tax returns. Keep the most recent year in the front. Each year as you file the new returns, throw out the returns in the last (seventh) folder back in the drawer. Move this now empty folder to the front of the drawer and place in it the most recent tax return.

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