Why are tax records important?
An example of an AI chatbot conversation about the importance of maintaining tax records.
Why are tax records important?
Tax records are crucial for various reasons, including accurate tax filing, audits, and financial planning.
What specific documents should I keep as tax records?
You should keep W-2s, 1099s, receipts for deductions, and any other documents that support your income and expenses.
How long should I keep my tax records?
It's generally recommended to keep tax records for at least three years, but some documents may need to be kept longer.
What happens if I lose my tax records?
If you lose your tax records, you can request copies from the IRS or your employer, but it may complicate your tax filing.
Can I store my tax records digitally?
Yes, storing tax records digitally is acceptable, but ensure they are secure and backed up.
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