how long to keep financial records irs
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.