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.
Tax Returns. Keep old tax returns for seven years (or longer, if your financial adviser recommends it). This is the cutoff time for the IRS to audit you or challenge your return, or for you to make certain types of changes to your return. However, there is no time limitation if you did not file a return, or if you filed a fraudulent return.