{"id":1088,"date":"2009-05-26T13:09:34","date_gmt":"2009-05-26T18:09:34","guid":{"rendered":"https:\/\/eshop.macsales.com\/blog\/?p=1088"},"modified":"2014-05-22T13:41:31","modified_gmt":"2014-05-22T18:41:31","slug":"protect-your-taxes-with-a-copy-or-two","status":"publish","type":"post","link":"https:\/\/eshop.macsales.com\/blog\/1088-protect-your-taxes-with-a-copy-or-two\/","title":{"rendered":"Protect Your Taxes with a Copy or Two"},"content":{"rendered":"

<\/p>\n

\"\"<\/a>With the tax season finally receding in memory, many of us now have previous year’s financial data buried quietly on our hard drives. Most of us need last year’s tax files for the current year’s taxes, but you should also \u00a0make a backup you can find easily. You should save it as the original file from the tax program you used and<\/strong>, create a PDF, in case your software disappears.<\/p>\n

If you used Intuit\u2019s TurboTax<\/a> for 2008, they recommend you open the return and choose Save As from the File menu, and create another copy for posterity. To make sure you can open that file from a Mac or<\/strong> PC, make sure you add the<\/a><\/span> <\/a><\/span>.tax2008<\/a><\/strong> file extension<\/a> to your saved file.<\/span><\/p>\n

How Long to Save Taxes<\/strong><\/p>\n

Have you ever thought about what would happen if the IRS decided to audit you? While some records need only be kept for three years, you should keep your tax records for up to seven years. The length of time recommended depends on the period of limitations for a particular problem.<\/p>\n

The IRS Publication 552: \u201cRecord Keeping for Individuals<\/a>,\u201d\u00a0states: \u201cYou must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out.\u201d Yes, in that same publication the IRS also states that if you receive W-2 wage forms, you should keep your Copy C until your social security benefits kick in. For some of us, that could be more than 40 years!<\/p>\n

CD\/DVD for<\/strong> Backup<\/strong><\/span><\/p>\n

The question remains, what do you use to backup your files? Burning files to CD AND DVD may last for some years and you should create backup media of your taxes, as insurance. Your experience may vary, but I have some CDs, only five years old, that no Mac will read today. So, I suggest you duplicate your discs and move your files from one disc to another every couple of years.<\/p>\n

Hard Drive for<\/strong> Backup<\/strong><\/span><\/p>\n

A hard drive, used sparingly may last for years. I can attest to that. I have a seven-year old OWC Mercury Elite Pro Classic drive<\/a> that still functions flawlessly. I use it weekly to back up my music files. My three-year old\u00a0OWC Mercury Elite-AL Pro Quad Interface drive<\/a>, holds my photo library backup. A 1TB version of this robust drive is on sale now.<\/p>\n

The bottom line is, make multiple copies of your tax and other important files using different kinds of media and copy the files from an older solution to a newer one every couple of years. Plus, you can\u2019t go wrong with a hard drive solution from OWC.<\/p>\n

Please realize, we’re posting this information as a courtesy only and are in no way are representing ourselves as tax advisors.<\/strong> Any tax questions should be referred \u00a0to a licensed tax attorney, your accountant, the IRS, or the company who develops your tax software.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

You must keep your taxes for years, so make sure to back them up with multiple copies.<\/p>\n","protected":false},"author":16,"featured_media":1100,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"spay_email":"","footnotes":""},"categories":[7,3770],"class_list":["post-1088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-random-thoughts-and-topics","category-unplugged"],"yoast_head":"\nProtect Your Taxes with a Copy or Two<\/title>\n<meta name=\"description\" content=\"You must keep your taxes for years, so make sure to back them up with multiple copies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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