Accounting You Can Count On

Generally, an individual should keep their tax records 3 years from the date they filed their tax return or 2 years after they paid the tax, whichever is later. 

Most US citizens who work in the United States need to file a tax return if they make more than a certain amount a year. You may want to file if you make less than that amount because you may get your money back. This could apply to you if you have federal income tax withheld from your pay, have made estimated payments, and qualify to claim tax credits such as the Earned Income Tax Credit and Child Tax Credit. 

Individuals should wait to file until they have all their tax records. Their tax records include W-2s from all jobs they had in the year they are filing for, 1099's from banks, and unemployment compensations. dividends, pensions, retirement, and other income, and Form 1095-A health insurance marketplace statement.

The deadline to receive all your tax documents is January 31st.

Many factors can affect the timing of your refund after the IRS receives your return. Although the IRS usually issues most refunds in less than 21 days from the day their return was electronically filed. If your tax was mailed, expect for your refund to take longer than the 21 days. The IRS suggests tax papers to not rely on receiving their refund by a certain date.