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February 11, 2024
Question

What to do with old self employment information if i no longer am self-employed

  • February 11, 2024
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February 11, 2024

The IRS recommends taxpayers keep their returns and any supporting documentation for three years after the date of filing; after that, the statute of limitations for an IRS audit expires.  If you've under-reported income by 25 percent, however, the IRS can go six years back, or seven if you claim a loss for bad debt or worthless securities.  If you don't file, or if you file a fraudulent return, the IRS has no statute of limitations; so it may be best to keep your records indefinitely.

 

For more information on how long to keep your records, what to keep, and ideas on how to keep them see the following articles:

 

Keeping Good Tax Records

How Long Do Federal and State Tax Returns Need to Be Kept?