Why Do I Keep Tax Records Longer With Underreported Income? скачать в хорошем качестве

Why Do I Keep Tax Records Longer With Underreported Income?

Ever wondered why you might need to keep your tax documents much longer than you think, especially if your income reporting isn't perfectly straightforward? This video uncovers the critical reasons behind extended record-keeping requirements. Here’s what you’ll learn about protecting yourself and your finances: ► The standard IRS audit period is three years, but it extends to six years if you substantially underreport your gross income by more than 25%. ► There is no statute of limitations if you file a fraudulent return or no return at all, allowing the IRS to assess tax at any time. ► Understanding IRC Section 6501(e)(1)(A) is crucial for anticipating longer review periods and safeguarding your financial history. ► Diligent record-keeping, including W-2s, 1099s, receipts, and bank statements, is your best defense against potential IRS inquiries. ► Properly retaining your records provides peace of mind and allows you to confidently demonstrate the accuracy of your reported income and deductions. #TaxRecords, #IRSAudit, #TaxCompliance, #TaxTips, #FinancialPlanning, #UnderreportedIncome