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Every year, taxpayers wade through piles of financial documents to find the information they need to file their taxes. But what happens to all that paperwork once you’ve mailed your return? How long do you have to hold on to your records in case of a tax audit or similar concern down the road? While there are few hard and fast rules, the Kentucky Society of CPAs advises that there are some general guidelines you can follow. Don’t tear up those tax returns There are good reasons to hold on to copies of your tax returns indefinitely.
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