Tax Season 2024: Part 3 of 3

What to Do With Your Files and Documents After Tax Season

Tax season is almost over, and most folks can breathe a sigh of relief after April 15th. But what should you do with all those files and documents you’ve accumulated? Here are a few tips:

1. Keep your tax returns for at least three years.

Generally, the IRS can audit your tax returns for up to three years after they are filed. So, it’s important to keep your tax returns and supporting documents for at least three years, in case you need them for an audit.

2. Keep records of any estimated tax payments you made.

If you made any estimated tax payments during the year, keep a record of these payments. You’ll need these records if you need to file an amended tax return or if you’re audited.

3. Keep receipts for any deductible expenses.

If you itemized your deductions on your tax return, keep receipts for any deductible expenses you claimed. This includes receipts for medical expenses, charitable donations, and mortgage interest.

4. Keep copies of your W-2s and 1099s.

You’ll need to reference copies of your W-2s and 1099s to file your tax return next year. So, make sure to keep these documents in a safe place.

5. Shred any documents that contain sensitive information.

Once you’re sure you don’t need a document anymore, shred it. This will help protect your identity from thieves. Don’t have a shredder? Your Legacy is hosting a drive-through style Shred Day event on Thursday, April 25th at our parking lot! Stop by 25 Shaffer Park Drive from 10AM-2PM and we’ll take your sensitive documents to be securely destroyed with our partners at Firelands Local.

6. Store your tax files in a safe place.

Store your tax files in a safe place where they won’t be damaged or lost. You may want to keep them in a fireproof safe or in a safety deposit box.

By following these tips, you can keep your tax files organized and safe. This will make it easier to file your taxes next year and protect your identity from thieves.

Additional tips:

• If you use a tax software program, consider saving a copy of your tax return to a USB drive or password-protected cloud storage service. Use 2-factor Authorization if available to make sure it’s extra secure!
• If you file your taxes online, make sure to save a copy of your tax return to your computer but do not share it to any public folders.
• If you have a lot of tax documents, consider using a physical filing system to keep them organized.