Understanding Irs Records Retention Schedule For Individuals In 2023

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Let’s look at the article below which will briefly discuss irs records retention schedule for individuals.

Introduction

Keeping your tax records organized and up-to-date is essential for any individual. Whether you are an employee or a small business owner, it is important to know how long you should keep your tax records. In this article, we will discuss the IRS records retention schedule for individuals in 2023.

What is the IRS Records Retention Schedule?

The IRS records retention schedule is a guideline that outlines how long an individual should keep their tax records. It includes different types of records, such as receipts, bank statements, and tax returns. Keeping these records for the recommended period can help individuals avoid penalties and fines in case of an audit.

Types of Records

There are several types of records that individuals should keep according to the IRS retention schedule. These include: • Tax returns and supporting documents