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.
Records for tax deductions taken. Length of time to keep, and why: Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.2  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.redit card receipts and statements. Length of time to keep, and why: From 45 days to seven years. 1  Keep your original receipts until you get your monthly statement; shred the receipts if the two match up.