This time of year often leaves people wondering how long they should keep their financial records, which ones are important, and why they should be kept. In addition, certain corporate records can and should be discarded on a regular schedule, while other should be maintained forever.
Tax and Financial Records: What’s important
Federal tax returns can be audited for up to three years after filing (six if there is under-reported or unreported income). Most accountants and tax attorneys recommend keeping backup documentation for the following categories to support your personal or business tax return for at least 7 years (longer where indicated in parentheses)...
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