Out with the old

As you prepare for the start of 2019, you may be thinking about shredding some of your business' old financial records.

STOP!

The IRS recommends that, in general, you hold on to the following.

• Records needed to prove income, credits, or deductions for three years from the date a tax return was filed, or two years from the date the tax was paid. 
• Employment tax records for four years after the tax was due or paid.
• Property records until the statute of limitations expires for the year in which you dispose of the property.

​
Contact us for more information about record retention or see this blog post.