Tax Records – What You Need to Keep

Tax forms

How long you need to keep your individual tax returns depends on a number of factors, but generally, a period of three years is sufficient. Exceptions include tax documents related to the purchase or sale of property including but not limited to real estate. Depending on where you live, you may also need to keep your state tax returns for more than three years. Call your state’s tax office for specific details.

Tax documents that you need to keep for three or more years include all federal and state tax forms as well as W-2s and 1099s. You also need to keep all documents related to itemized deductions. For example, if you claim deductions for donations or travel expenses, you’ll need to keep receipts. Employers should keep all relevant documents including W-4s, benefit forms and canceled checks for a period of four years.

Self storage facilities are ideal for tax document storage, and proper storage techniques will help to preserve your documents for future reference. Before storing your documents, organize them according to type and date, and place them in filing cabinets. If you use boxes, be sure to label them, and avoid stacking them too high or too deep. Leaving an aisle from the door to the back of the storage unit will also provide ease of access.

Tax documents are too important to store in a haphazard fashion. To prevent damage, always use proper storage techniques. Self storage facilities provide affordable, convenient document storage for individuals and businesses alike.

To find self storage in your area for tax and other documents, search