Clients ask me this all the time, and are quite surprised when I tell them 3 years. Yes, the government only has three years to audit you. (I don’t know where the 7-year rule came from, or why it is so widely propagated.)
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Now that March has arrived, it’s time to get your tax papers organized so that you can meet the April 15 deadline without any last-minute scrambling. You’ll be able to gather 80% of your information pretty quickly — but the last 20% will take a lot of time! By getting started now, you’ll be able to identify which information is going to be the hardest to obtain, and you can start the wheels turning while there is still sufficient lead…
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