These file folders contain the tax return, accompanying schedules and forms such as W-2s, Form 1099s, K-1s and the like. A folder can hold each year’s returns and supporting documents. Retaining tax returns and the supporting documentation serve important purposes in addition to IRS audit responses.Įffective storage of returns should include printing and organizing them. Is it safe to store tax documents on google drive: The paper method In this article we will investigate whether it is safe to store tax documents on google drive and what other methods are. Financial assistance for education and other needs depends on meeting eligibility requirements, for which tax documents afford ready evidence. The proper way of storing tax returns takes into account preservation of returns for several years (in most cases, at least seven years), the ability of access, securing sensitive information and protecting against identity theft. Banks turn to the information to verify income for loans. Retaining tax returns and the supporting documentation serve important purposes in addition to IRS audit responses.
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