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What Does it Mean to be “Rich”?

Before we jump into some steps you’ll need to take on your path to wealth, it’s important to understand what being “rich” means. Whether you call it financially independent, independently wealthy, or something else, being rich essentially means that you have an abundance of money or assets, enough to live your life how you want to.

How Long to Keep Tax Returns (according to the IRS)

For the actual tax return itself, the IRS advises keeping them forever. I would 100% agree with that. Especially in the digital age, where everything can be saved on a hard drive or backed up in the cloud, there’s no reason to toss your actual tax returns.

Unique Requirements for Property Owners

One of the first possible exceptions to the rules is for keeping tax records related to property (such as your personal home, cars, or rental property). According to the IRS, you should keep records relating to property “until the period of limitations expires for the year in which you dispose of the property.”

Small Business Owners

If you own a small business, have a part-time side hustle or freelance gig, or get a lot of your income from 1099s or under-the-table jobs, there are some special considerations for you.

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