After Tax Day: Take These Action Steps

The April tax filing deadline has passed, but that does not mean you should push your taxes out of your mind. If you filed an extension, you should gather your remaining tax information sooner rather than later. Here are three other tax-related actions that you should consider taking in the near term.

RETAIN THE REQUISITE RECORDS

Depending on the specific issue, the IRS has years to audit your tax return so it is critical to maintain the records you may need to defend yourself. You generally need to keep the documents that support your income, deductions and credits for at least three years after the tax-filing deadline. It is important to note that no time limit applies to how long the IRS has to pursue taxpayers who do not file or file fraudulent returns.