Tax document retention guidelines for small businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if you have years’ worth of receipts, canceled checks and other tax-related records for your small business, you probably want to get rid of what you can. A good rule of thumb is to hold on to tax-related documents for at least six years. But you should keep some records longer. For example, keep property-related records at least seven years after you dispose of the property. And keep copies of returns themselves permanently. Contact us for details.