After you file, be sure to keep copies of your tax return and related records in a secure place in case there are questions about your return, how much tax you owe, or the amount of your refund.
Why should you maintain tax records?
- To help you prepare an accurate tax return and pay the correct tax
- To ensure you can prove all items on your return with adequate records or sufficient evidence
- To address any questions that come up if Virginia Tax selects your return for review
- To have any necessary supporting documentation in case you need to file an amended return
What records should you keep?
You should keep copies of your tax returns, and all supporting documentation. The list below includes some of the tax records you should maintain.
- Income: Keep forms W-2 (wage statements), Forms 1099, financial statements, bank statements, contacts, and other documents to verify income reported on your returns.
- Deductions and credits: Keep cancelled checks, bank statements, paid invoices, sales receipts, Forms 1098 (mortgage interest), loan documents, financial and legal documents, mileage logs, appointment books, credit card statements, tax credit certificates, and other documents to verify expenses and credits claimed on your returns.
How long should you keep your tax records?
You should keep your tax records for at least 3 years from the due date of the return or the date the return was filed, whichever is later (Code of Virginia § 58.1-102). If the IRS requires you to keep your federal records for a longer period, you should keep your state records for the same period of time. More information on federal recordkeeping.