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How Long Should You Keep Business Records For The Irs
How Long Should You Keep Business Records For The Irs -
According to the IRS record retention policy you should keep business tax records for 3 7 years depending on the type of record and when you filed your business tax return Why do you need to keep business records for so long
The records should substantiate both your income and expenses If you have employees you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid whichever is later Related Recordkeeping Publication 15 Circular E Employer s Tax
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How Long Should You Keep Financial Records
How Long Should You Keep Financial Records
The IRS generally has three years after the due date of your return or the date you file it if later to kick off an audit so you should save all your tax records at least until that time
Many tax advisors tell business owners to keep most tax records for seven to 10 years if not permanently The IRS lists several documents that small businesses and self employed individuals should keep including 1099s and cash register tapes
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How Long Do You Keep Business Records For
How Long Do You Keep Business Records For
Keep all business tax records for six years if you didn t report income that you should have and it s more than 25 percent of your gross income as shown on the return There are also some instances where you should keep your records indefinitely
Consumer Reports tells you how long to keep tax records and other documents and shares easy ways to organize your post tax paper records and computer file clutter
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How Long Should You Keep Business Records
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https://www.irs.gov › taxtopics
The records should substantiate both your income and expenses If you have employees you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid whichever is later Related Recordkeeping Publication 15 Circular E Employer s Tax
https://www.uschamber.com › co › start …
Business federal tax returns According to the IRS tax returns should be kept for three to seven years depending on the situation But if you don t file a return the IRS recommends keeping records indefinitely Keep
The records should substantiate both your income and expenses If you have employees you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid whichever is later Related Recordkeeping Publication 15 Circular E Employer s Tax
Business federal tax returns According to the IRS tax returns should be kept for three to seven years depending on the situation But if you don t file a return the IRS recommends keeping records indefinitely Keep
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