The length of time you need to keep tax records depends on your situation, but general guidelines are as follows:

For U.S. Federal Tax Records

• Keep records for at least 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. This is the typical statute of limitations period during which the IRS can audit your return or you can file an amended return for a refund or credit

• Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction

• Keep records for 6 years if you fail to report income that is more than 25% of the gross income shown on your return

• Keep records indefinitely if you do not file a return or if you file a fraudulent return, as there is no statute of limitations in these cases

• Employment tax records should be kept for at least 4 years after the date the tax becomes due or is paid, whichever is later

• For assets such as stocks, bonds, or your home, keep records until the statute of limitations expires for the tax year in which you sell them, to support basis and capital gains calculations

For Self-Employed or Business Records (U.S.)

• Keep business records for at least 5 years after the tax return submission deadline, as the IRS may review these records to verify income and expenses

For UK Tax Records

• Keep records for at least 22 months after the end of the tax year the return is for if you file on time

• If you file late or amend a return, keep records for at least 15 months after filing

• Self-employed individuals and landlords should keep business records for at least 5 years after the 31 January submission deadline following the tax year

For Australian Tax Records

• Keep written evidence for 5 years from the date you lodge your tax return, with some exceptions for specific claims or disputes

Additional Tips

• Keep copies of your filed tax returns as they help in preparing future returns and supporting amended returns

• Consider scanning and storing digital copies indefinitely, especially for important documents, as some people do to avoid losing records and for ease of access

• Dispose of old tax documents securely, such as by shredding, to protect your personal information

In summary, for most taxpayers, keeping tax records for at least 3 to 7 years is advisable in the U.S., with longer periods for special circumstances or business records. UK and Australian taxpayers have different minimum retention periods, generally ranging from about 2 years to 5 years depending on filing status and type of income.