Lynwood, California - Basic Facts. The City of Lynwood had a population of 72,011 as of July 1, 2016. Lynwood ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in California.
Scanning the information gives you an electronic backup of the paper indefinitely. Keep returns and all supporting documentation at least seven years. The IRS can audit your return for up to three years from your filing date, a limit applying only to good-faith errors.
Taxes. Keep your tax records and all supporting documents for three years at a minimum; however, it's wise to keep them up to seven years. If the IRS believes you under-reported income by 25 percent or more, they have six years to challenge you.Other basic errors have a three-year statute of limitations.ssuming the annual statement is correct, discard the quarterly statements and keep the annual one for as long as you have the account. If contributions to your Individual Retirement Accounts are not tax deductible, keep the records for as long as you have the account.