Record retention guidelines for businesses

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Business Record Retention Guidelines. Business Records To Keep For One Year. Correspondence with Customers and Vendors; Duplicate Deposit Slips BUSINESS RECORD RETENTION. One Year Tax Returns and Worksheets (Federal guidelines do not require tax records kept. "forever”. However, there are The IRS offers record retention guidelines in Code Section 6001 and Publication 583 – Starting a Business and Keeping Records. Heed the special retention 23 Apr 2018 The length of time you should keep a document depends on the action, For example, your insurance company or creditors may require you to While there are no absolute rules regarding record retention, these generally accepted guidelines apply to most businesses and situations. Download a PDF Save utility bills, receipts for mortgage payments, mortgage interest, real estate tax, office equipment, and vehicle records if the vehicle is used for business. Businesses must maintain book and records so that an accounting of the business The Guide of Record Retention Requirements in the Code of Federal Consequently, many small businesses turn into pack rats to avoid the dilemma of being audited with no paper trail. One reason to retain good records thatIt is six years if there is a substantial understatement of gross income. A good rule to thumb is to add a year to the statute of limitations period. Using this approach, taxpayers should keep most of their income tax records a minimum of four years, but it may be more prudent to retain them for seven years. How long you store business records should be determined by a retention schedule that balances each record's usefulness with the legal requirements.