For The Record Before you toss those old tax files, make sure you won't need them later.
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Are you a tax record pack rat--hanging on to every tax return you've ever filed as well as all supporting documents and receipts? Or perhaps you toss out old tax returns either at home or in your business whenever the spirit moves you, or when cabinets and storage areas overflow with too much paper.
Either way, it makes good tax sense to periodically review your record-keeping habits. Organized, accurate tax records can help reduce your yearly tax bill and may even bail you out of an IRS audit.
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