You might need to complete a tax return for a number of reasons – for instance, if you are self-employed, if you need to pay the “high income child benefit charge”, or if you run a business. You will need to both file a self-assessment tax return and make the relevant tax payment by midnight on January 31 each year. Failure to do so could result in a late penalty, so it is a crucial deadline to remember. Ahead of the upcoming deadline in January 2025, you will need to submit your financial...
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How long should you keep your tax returns? ; Once you file your taxes, you should plan to keep your tax returns for a minimum of three years from the date you filed your original return. You can also keep them for two years if you are calculating from the date you paid the tax, whichever comes later. However, if you file a claim for a loss from securities or bad debt deduction, then you should plan to keep your records for at least seven years. How long do you need to keep all these documents? That varies based on a few factors. While the timel ...
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Consumer Reports tells you how long to keep tax records and other documents and shares easy ways to organize your post-tax paper records and computer file clutter.
TABLE OF CONTENTS ; Can you make corrections on your tax return? ; When should you file an amended tax return? ; When don’t you need to file an amended tax return?
Learn how to use your robo-advisor to save money on taxes with tax-loss harvesting (TLH) in your robo-advisor account. Tax... to ensure your portfolio is optimized for the best returns....
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Help you file an accurate tax return. ; Make the tax filing process as quick and painless as possible. ; Ensure you pay only what you owe and don't miss deductions—no matter how strange they may seem—and credits that can lower your tax bill.
After you file your tax return, you may wonder what you should do with your tax records. The IRS sets specific standards for how long to keep tax records.