How Long Should I Keep My Business Tax Documents

Filing your business tax return is only half the battle when dealing with the IRS. It is very important that you retain the documents that prove your income after you have filed your return. This final step should never be over looked.

If you want to be on the safe side, considering adding one year to the statute of limitations for the amount of time to store records.

Below we will list the type of records and how long you should store them away in case the IRS ever requests them.

7 Years after you liquidate the entity

1. Copies of tax returns
2. Tax and legal documents pertaining to your return
3. Audit reports and documents dealing with an audit report
4. Your general ledger and journals
5. All your financial statements
6. Contracts
7. Leases
8. Records dealing with real estate
9. Corporate stock records
10. Corporate minutes

6 Years

1. Bank statements
2. Deposit slips pertaining to your business
3. Records of your sales
4. Sales journals
5. All records pertaining to your revenue
6. Expense reports that describe employee expenses such as travel and entertainment

3 Years

1. Records dealing with inventory
2. Cancelled checks
3. Vendor invoices
4. Expense records dealing with employee payroll
5. All other records dealing with expenses

Permanently

1. Operating agreement and any amendments made to it
2. Partnership agreement and any amendments made to it

About Paul Gaulkin CPA

Paul Gaulkin is a Certified Public Accountant and enrolled with the U.S. Treasury to practice before the IRS. Mr. Gaulkin possesses unique technical knowledge in the process of securing relief for taxpayers nationwide with IRS and State tax problems. With an accounting degree from Florida International University, he is able to transform complex tax and accounting problems into easy to understand solutions.


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