A storm can strike suddenly and it may occur when family members are in different places, so develop a family communications plan. Make a Ready kit for at least three days of self-sufficiency. Familiarize yourself with the terms that are used to identify a tornado hazard.
In most cases, you should plan on keeping tax returns along with any supporting documents (e.g., W-2s, mileage logs if you itemize, etc.) for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.or instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or donât file one at all (we donât recommend either!), the statute of limitations never expires.
My rule: Keep records and tax returns for years that include atypical transactions (sales or donations of property) and irregular income (stock option exercises, trust income, etc.) for six years after the filing date of the return. Keep a 2005 tax return that includes reporting of irregular items until April 2012. So if the IRS hasn't raised any issues about your 2004 tax return by now, then it should be safe to shred and discard it. Seven Years. Keep any tax return and documentation that includes a claim for deducting worthless securities for seven years. There you have it. Check back in a few days and I'll share a few more tips on what to keep indefinitely and how to keep your records organized and safe.