A new year may find a number of individuals with the pressing
urge to take stock, clean house and become a bit more organized.
With such a desire to declutter, a taxpayer may want to undergo a
housecleaning of documents, receipts and papers that he or she may
have stored over the years in the event of an IRS audit. Year to
year, fears of an audit for claims for tax deductions, allowances
and credits may have led to the accumulation of a number of
tax-related documents—many of which may no longer need to be
kept.
However, it is of extreme importance to have tax records to
support the income, deductions and credits claimed on returns.
Therefore, taxpayers must keep such records in the event the IRS
inquires about a return or amended return.
