HOW LONG SURE YOU KEEP BUSINESS RECORD? -

7 years, you cant go wrong with seven years. There are somethings you should keep longer and some things you should keep forever, some of those being; Audit reports, capial stock and bond records and associated paper work, cash books, charts of accounts, canceled checks, contract which are still in effect, legal correspondence, deed mortgages and bills of sale, depreciation schedules, financial statements, insurance records, minute books of directors, and officers, patents and related paper work, property appraisals, retirement and pension records, tax returns, union agreements.

Use the Seven Year RuleEvery business record serves a purpose for you (as a business owner), your business, and any government agencies that you deal with, but how long should you keep your business records? When in doubt, the best rule of thumb is the Seven-Year Rule. While most of the records you keep will be part of your yearly tax returns (which you should keep indefinitely), you may only have to retain some records one to three years and others, more than seven years...it all depends on the types of records you have.A three-year period for keeping records should be maintained for all your bank statements, deposit slips, petty cash slips (for use of mileage, meals, hotel stays etc), and inventory logs. These items can be used to bolster your case in the event of an IRS audit or even for maintaining how and where your money is being spent. That information can come in handy for cutting out unnecessary costs that result in your losing money.

10 Years Business 7 years personal