Document Retention:

"You should keep your returns at least three years. As a general rule, that's how long the Service has to question items on your return and to bill you for any additional tax. It's also the time frame for you to file an amended return and seek a refund. IRS can go back up to six years if over 25% of income is omitted. If fraud is proved, there is no limit."

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Call Us:254.865.8966

-Excerpt from The Kiplinger Tax Letter Vol. 93, No. 13-

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Frequently asked

Questions

What is Basis?
Basis is a tax term that refers to the base value of acquired property.

Purchased Property: The purchase price is the starting point for the cost basis of purchased property. Costs for things you had to pay for in order to buy the property, sales commissions, etc. are also added to this cost basis value.
Inherited Property: Generally, the basis of inherited property is the Fair Market Value on the date of death of the decedent.
Gifted Property: For gifted property, the basis is generally the lesser of the giver’s basis or the Fair Market Value of the property on the date of the gift.

Internal Revenue Service

If you need Information on a return that has been thrown out use the free Get Transcript online tool on IRS's website to view and print a summary of key tax information. Alternatively, call toll-free 800-908-9946 to order or submit Form 4506-T by mail.

People Seeking copies of actual tax returns must request them by mail using form 4506. Generally, you can only get the past seven years of returns from the Service. There's a $50 fee per return.

Retain your tax return and supporting documentation, including summaries, cancelled checks, receipts and 1099s for 6 years. Any assets that you hold, keep the records permanently.