How long do you keep your tax records?

A shortie that packs a punch. We discuss how long you should retain your tax and other financial records. 

We explore the statute of limitations for tax records, the importance of supporting documents, and special considerations for non-residents and property sales.  

 Some takeaways

• Keep copies of all your tax records for as long as necessary.

• The statute of limitations for tax records is three years for refunds.

• If you never filed a tax return, keep records indefinitely.

• Non-residents should hold onto property sale records until the issue is resolved.

• Employment records should be kept until a Social Security application is submitted.

And a whole lot more.  

We emphasize the importance of maintaining accurate records to ensure compliance with tax regulations and protect against potential issues with the IRS.

Episode Links & Resources

• Ep 11: Navigating U.S. Taxes

• Ep 40: Avoid These Blunders With Your Cross-Border Taxes

• Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

What happens to you if you lose a job on a work visa?

It's the biggest threat to your financial life in the US. In this short episode, we detail your options based on your specific work visa. 

Generally, you have to leave the country in 60 days or less, depending on your visa type, visa stamp, home country, and where you are in the visa process. However, there are some unique nuances regarding your other options based on the type of this visa.

In this episode, we address the H-1B, L-1, E3, TN, and O visas and the specific repercussions of losing a job.