the act or action of a person or thing that walks: Walking was the best exercise for him. 7. the manner or way in which a person walks. 8. the state or condition of the surface, terrain, etc., on which a person walks: The walking is dry over here.
You owe additional tax and situations (2), (3), and (4), below, do not apply to you: Keep records for three years. 2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return: Keep records for six years. 3. You file a fraudulent return: Keep records indefinitely.
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.