If your still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach.
The IRS has teamed up with state revenue departments and the tax industry to make sure you understand the dangers to your personal and financial data. Taxes. Security. Together. Working in partnership with you, we can make a difference.
You should keep your tax records safe and secure, whether they are stored on paper or kept electronically. The same is true for any financial or health records you store, especially any document bearing social security numbers.
You should always keep copies of your tax returns and supporting documents for several years to support claims for tax credits and deductions.
Because of the sensitive data, the loss or theft of these documents could lead to identity theft and have an economic impact. These documents contain the social security numbers of you, your spouse and dependents, old W-2 income and bank account information. A burglar could easily turn your old shoebox full of documents into a tax related identity theft crime.