A storm can strike suddenly and it may occur when family members are in different places, so develop a family communications plan. Make a Ready kit for at least three days of self-sufficiency. Familiarize yourself with the terms that are used to identify a tornado hazard.
In most cases, you should plan on keeping tax returns along with any supporting documents (e.g., W-2s, mileage logs if you itemize, etc.) for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.or instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or donât file one at all (we donât recommend either!), the statute of limitations never expires.
What tax records should I keep? You should keep every tax return and supporting forms. This includes W-2s, 1099s, expense tracking, mileage logs if you itemize and other documents. So why is keeping tax returns for three years important? Keeping tax returns for the three-year time period is tied to the IRS statute of limitations. Under the statute, if you do not file a claim for a refund that you are entitled to, you generally have the later of three years from the date you filed the original return or two years from the date you paid the tax, to file the claim.