02 May How long should I keep N.J. tax returns and related records?

Q. How long should I keep New Jersey tax returns and related records?
— Spring cleaner

A. Ah, the old paperwork dilemma.

We’re glad you’re asking.

It depends, said Michael Karu, a certified public accountant with Levine, Jacobs & Co. in Livingston.

He said for individuals, he recommends records be maintained for seven years.

That would include all documents that were used to support your return.

For businesses, under the Prevailing Wage Act, you must keep wage and hour records for a minimum of six years, Karu said.

But importantly, you don’t need to be stuck with mounds of paper.

“There is no reason to keep paper receipts, 1099s, W-2s, and other back-up for tax returns,” Karu said. “Scanned copies work equally as well and take up considerably less space.”

Email your questions to .

This story was originally published on May 2, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.