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Thread: Your Business Files

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    Default Your Business Files

    I'm organizing my personal/business paper files. I was wondering what I should keep and what I should trash. For example, I plan on keeping my tax records, but what about all the other stuff? Should I keep my statements (bank, utilities, credit cards, etc)? And if I should, how many years of history should I keep?

    My papers are getting out of control and I would like to keep things to a minimum.

    Thanks in advance...

  2. #2
    Senior Member DanMorris95156's Avatar
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    Default Re: Your Business Files

    There are no hard and fast rules, but here are some guidelines. You can also search google, etc. for records retention.

    Tax returns and supporting documents minimum of 4 years post filing, prefer 7. Tax returns, themselves and primary schedules for ever. Have your preparer produce a PDF version for electronic storage.

    Bank statements, receipts, for business at least 3 years post end of fiscal year, 5 preferred.

    Home purchases, escrow settlements - until house sells + 5 years.

    Payroll records/w2's - 5 years+ after end of year.

    Hope this helps.

    Regards,

    Dan
    Daniel D. Morris, CPA
    [email protected]

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    Default Re: Your Business Files

    Thanks. I found this site, and I am wondering if the list is too excessive.

    http://www.onlineorganizing.com/Expe...sp?tipsheet=24

    As you mentioned, I am thinking of holding on to all of my tax stuff and all the supporting documents for tax deductions (like receipts, etc.)

    If I only work a 9-5 job, then do I really need to keep my bank statements? Thinking of throwing out my bank, credit card, and utilities statements. Will I never need them for anything if I don't plan to deduct the expenses? What about old lease agreements?

    Thanks in advance for the clarification.

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    God/dess VenusGoddess's Avatar
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    Default Re: Your Business Files

    I keep everything. I scan it into my computer and then burn it to CD and label it. I hope that's ok, but with all of our taxes, etc keeping the actual paper was getting to be too much.

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