Depending on the complexity of your return, you could have a lot of records and documents that support your claims and deductions. Keeping them is important - especially if you must back up your claims in case of an examination of your return.
The IRS says that tax records should be kept for three years, but some records should be kept longer. Documents related to businesses, rental properties, stock transactions and those related to the purchase of a home should be kept indefinitley. Certainly, if an item continues to figure in your taxes, maintain the records.
Other records you should be keeping include mileage logs, cancled checks, proofs of payment, bills, credit card statements and receipts and all other records that support your credits or deductions.
For additional informtion on what to keep, the IRS publication 552 is availalbe on the IRS web site: http://www.irs.gov
