Definition and synonyms of poor from the online English dictionary from Macmillan Publishers Limited.
See IRS Publication 552, Recordkeeping for Individuals, for more information. Six Years. If you may have under-reported income by 25 percent or more, then you'll need to keep tax returns and all related information for six years.
If a substantial amount of income is omitted from the return, the period is extended to six years. Many advisers suggest that you can dispose of tax records after seven years. But some tax records need to be kept longer. Copies of prior tax returns and elections they contain should probably be preserved indefinitely.Records supporting the cost basis in assets owned, such as buildings and long-lived equipment, should be retained until at least three years after the asset is disposed of.OL â The Department of Labor requires that you keep payroll records, collective bargaining agreements, and sales and purchase records for three years. Other employee records, including pay rate, hours worked, time cards, bonuses, withheld taxes, etc., should be kept for at least two years.