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Want peace of mind when you’re preparing your tax return? And what if you’re audited? Keep good records! Good records help you substantiate your income and deductions if you’re audited, and may save you from paying additional taxes, interest, and penalties.
Keep:
Copies of your federal and state tax returns, and Proof of your deductions and your sources of income for at least three years after you file your return.
However, there are certain types of documents, such as escrow statements from home purchases, and sales and cost documentation for long-