Preserve or Purge? Record Retention and Substantiation

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Once a document is gone, it’s difficult to get a replacement! With year-end approaching and the beginning of another Tax season upon us, we are frequently asked about record retention. What records should be retained for reference and which can be purged? While individual situations can vary, taxpayers can generally apply the below guidelines.

What to retain?

  • All records that pertain to a tax return with a due date or filing date, whichever is later, within the past three years. Proper substantiation, or proving a deduction, involves having a receipt to demonstrate the existence and purpose of the deduction, and a cancelled …read more

    Read more here:: Tax


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