Having your tax returns records are important. We tell our Illinois clients that they might need them if they apply for a loan or financial aid, or if they’ve experienced identity theft.
Having your tax records helps prepare upcoming tax returns. At CTS, where we do a lot of tax resolution work, we need our Illinois clients’ tax returns to help determine their tax relief options.
The IRS recommends you save your records for three years. They advise to “keep records for seven years if you filed a claim for a loss from worthless securities or bad debt deduction. “
If you can’t find your copies – don’t worry. The IRS can provide a transcript of the tax information you need. They can also provide a copy of your tax returns.
Here are the types of transcripts that are available:
- Tax return transcripts
- Tax account transcripts
- Record of Account Transcripts
- Wage and Income Transcript
- Verification of Non-filing Letter
If you need help getting a transcript from the IRS, give us a call or contact us online. We can help get you a copy of your tax files, analyze them, and answer any questions you might have.
Our Illinois tax team helps with all tax topics – filing, business, individual, family – we even help solve tax problems.