How long should I hold onto my tax records?

Just how long to keep your records is a matter of judgment and a combination of state and federal statutes of limitation. The IRS can audit your return for up to three years after you file a return. However, if you omit more than 25% of your income from a return, that period increases to six years. To be safe, it is recommended you keep tax records for a period of seven years after the filing date.