Post Tax Day: What Tax Documents to Keep, Toss - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Post Tax Day: What Tax Documents to Keep, Toss

Posted: Updated:

Now that tax season is over, it's tempting to toss all that paperwork too. But not so fast. Some documents may be important down the line.

Federal and state income tax returns should be kept for a minimum of seven years. The IRS can audit a return at random up to three years from the date it was filed, and taxpayers will also need supporting documents like W2 forms, investment purchase statements, and credit card bills to prove deductions if necessary.

It's easy to save returns when they're filed electronically. Those still filing on paper should scan and save all documents to cut down clutter.

What can get tossed?

-- receipts that don't have anything to do with a tax return

-- pay stubs, since that information is on a W2

-- monthly investment statements

-- loan documents for items you no longer own

Certain important items should always be kept, preferably under lock-and-key, including --

-- birth and death certificates

-- estate-planning documents and wills

-- marriage licenses and divorce papers

-- military discharge documents

-- and Social Security cards

For discarded documents, shred them to avoid identity theft. Look locally for free shredding events, which tend to happen during this post-tax season time of year.

  • Today's Top StoriesMore>>

  • Ahmed Sends Aces to Playoffs

    Ahmed Sends Aces to Playoffs

    Tuesday, September 2 2014 1:38 AM EDT2014-09-02 05:38:20 GMT
    Nick Ahmed delivered a two-out, run-scoring base hit in the top of the tenth inning to give the Aces a 2-1 win over the Sacramento River Cats, sending Reno to the Pacific Coast League Playoffs.More >>
    Nick Ahmed delivered a two-out, run-scoring base hit in the top of the tenth inning to give the Aces a 2-1 win over the Sacramento River Cats, sending Reno to the Pacific Coast League Playoffs.
    More >>
  • Desperado's BBQ Wins Best Ribs in the West

    Desperado's BBQ Wins Best Ribs in the West

    Monday, September 1 2014 8:47 PM EDT2014-09-02 00:47:37 GMT
    The winner of the 2014 Best in the West Nugget Rib Cook-Off in Sparks, Nevada went to Desperado's BBQ from Hinckley, Ohio.More >>
    The winner of the 2014 Best in the West Nugget Rib Cook-Off in Sparks, Nevada went to Desperado's BBQ from Hinckley, Ohio.More >>
  • Lawsuit Against Nevada Wildlife Commission

    Lawsuit Against Nevada Wildlife Commission

    Monday, September 1 2014 7:47 PM EDT2014-09-01 23:47:40 GMT
    Two men have sued Nevada wildlife commissioners, saying current trapping regulations are causing needless suffering for thousands of "non-target" animals including dogs, golden eagles and mountain lions.More >>
    Two men have sued Nevada wildlife commissioners, saying current trapping regulations are causing needless suffering for thousands of "non-target" animals including dogs, golden eagles and mountain lions.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.