How long should you hold on to tax documents?

Here is what you need to keep and how long to keep it

A 1040 US Individual Income Tax Return among heaps of shredded paper
Hold off on shredding old tax documents in case you get audited
(Image credit: skhoward / Getty Images)

Even once your tax return is turned in, do not run any documents through the shredder just yet. You will want to hang on to certain items, such as tax forms and supporting paperwork, in case of an audit or another issue with your taxes.

If you are the type that likes to declutter, you may wonder: Just how long do I need to keep those documents, anyway? "Generally, you should plan on keeping all tax documents for a minimum of three years in case you get audited," said Yahoo Finance. But you may want to hang on to certain documents for even longer than that.

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