People now get one to two hours less sleep each night, on average, compared to 60 years ago. A primary reason for this is the proliferation of electronics, which also allows us to work (and play) later than ever before.
The Internal Revenue Service requires that individuals be able to produce records proving any income, deductions or credit claimed for at least three years from the date of a return, the statute of limitations for how long the I.R.S. has to assess additional tax if all income was reported correctly.
1 Typically, the IRS can come after your business for failing to report income for up to 6 years after your filing if the amount is greater than 25% of your businessâs gross income. 2  If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. Typically, the IRS can come after your business for failing to report income for up to 6 years after your filing if the amount is greater than 25% of your businessâs gross income. 2  If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years.