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Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers. Generally, you should hang on to tax records and receipts for three years. But in some cases, longer. Always keep receipts, bank statements, invoices , payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return.
If you deducted the cost of bad debt or worthless securities, keep records for seven years. But you still need to tell the IRS where and when the expense occurred, and what it was for. When it doubt, keep it. Although you might not always need them to do your taxes, you should also keep the following business documents on hand:. Because the burden of proof is on you to back up every item on your tax return with documentation, the best approach to recordkeeping for small businesses is to try to keep as many records as you can.
Need some help with your bookkeeping and recordkeeping? Check out Bench. Receipts sometimes get lost, especially for small expenses. Can you still claim those receipt-less expenses as tax deductions? You might have to submit a list all of the people who were there with you when the expense occurred, and what you talked about really—the IRS wants to know if you talked shop. This is mainly due to the Period of Limitations , which is the time during which you can amend your tax return, or during which the IRS can perform an audit on your return.
For example:. You should keep employment tax records for at least four years after the date that payroll taxes become due, or are paid whichever is later. Hoping to get away with tax fraud? Just something to keep in mind!
The standard three year period of limitations applies to any deductions you make related to your property depreciation, loss from a sale, etc.
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