Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
I find that in the case of tax returns, many people are afraid to discard them or confused as to how long they should keep them. The result is that they keep them all. One client told me he kept every tax return he filed going back over 30 years!Keeping all of your financial papers that long is not a good strategy. find that in the case of tax returns, many people are afraid to discard them or confused as to how long they should keep them. The result is that they keep them all. One client told me he kept every tax return he filed going back over 30 years!