Before you begin to spring clean your stacks of records, remember that some pieces must be available for IRS review upon request. It is important to keep your personal records for the purposes of tax return preparation, personal use and emergency situations. LBMC has established this retention schedule for individuals to use that takes into account tax regulations. If you have questions about your records, please contact an LBMC professional immediately.

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It is important to hold onto your personal tax records in case of an IRS audit or other examination. Retaining unnecessary records will require a lot of storage space. Therefore, you may wish to establish a retention schedule that takes into account state and federal regulations.

The retention periods are intended as a general guideline only.

LBMC tax tips are provided as an informational and educational service for clients and friends of the firm. The communication is high-level and should not be considered as legal or tax advice to take any specific action. Individuals should consult with their personal tax or legal advisors before making any tax or legal-related decisions. In addition, the information and data presented are based on sources believed to be reliable, but we do not guarantee their accuracy or completeness. The information is current as of the date indicated and is subject to change without notice.