Frequently Asked Questions
How long should I keep tax records?
Here are the IRS rules regarding record-keeping:
- You owe additional tax and situations (2), (3), and/or (4) apply, see below. If none of these apply to you; keep records for 3 years.
- 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 6 years.
- You file a fraudulent return; keep records indefinitely.
- You do not file a return; keep records indefinitely.
- You file a claim for credit or refund after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
- You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
- Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Bellow are a few tax related websites that we thought you may find useful.
Internal Revenue Service (IRS)
Illinois Department of Revenue
Illinois Secretary of State
Illinois Department of Employment Security (Unemployment-IDES)
IL Online Payment System (Taxnet)
IRS-Electronic Tax Payment System (EFTPS)