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The list of 27 how long should small business records be kept

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Below is a list of the best How long should small business records be kept voted by users and compiled by us, invite you to learn together

Table of Contents

1 Financial Record Keeping for Small Businesses: What To Keep

  • Author: paychex.com
  • Published: 06/27/2022
  • Review: 4.89 (988 vote)
  • Summary: · Small business owners should keep gross receipts for three years from the date of filing taxes. Besides receipts and invoices, income 
  • Source: https://www.paychex.com/articles/finance/financial-record-keeping-for-small-businesses

2 How to Manage Small Business Tax Records and Receipts | Fincent

  • Author: fincent.com
  • Published: 06/16/2022
  • Review: 4.68 (376 vote)
  • Summary: Ideally, you should keep business tax records and receipts for a period of 3 years. However, some specific paperwork requires to be preserved for longer. Check 
  • Source: https://www.fincent.com/blog/a-beginners-guide-to-record-keeping-for-small-businesses

3 Which Tax Records Should Small Businesses Keep? – ScaleFactor

  • Author: scalefactor.com
  • Published: 07/23/2022
  • Review: 4.57 (251 vote)
  • Summary: The official line from the IRS is that documents should be kept “as long as needed to prove income or deductions on a tax return
  • Source: https://scalefactor.com/ask-the-experts/which-tax-records-should-small-businesses-keep/

4 6 Types of Business Records and Receipts Every Small Business

  • Author: calbizjournal.com
  • Published: 12/26/2021
  • Review: 4.35 (544 vote)
  • Summary: Invoices, receipts, and credit card statements are all helpful documentation you should keep. Other examples include canceled checks and statements from online 
  • Source: https://calbizjournal.com/6-types-of-business-records-and-receipts-every-small-business-should-keep/

5 How Long Should You Keep Business Records?

  • Author: accountingdepartment.com
  • Published: 03/26/2022
  • Review: 4.15 (402 vote)
  • Summary: Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient 
  • Source: https://www.accountingdepartment.com/blog/how-long-should-you-keep-business-records

6 How Long Should You Keep Your Business Records? – Lendio

  • Author: lendio.com
  • Published: 09/06/2021
  • Review: 3.98 (255 vote)
  • Summary: · Small business owners would be wise to develop excellent bookkeeping habits. Managing your records—and the supporting documents of those records 
  • Source: https://www.lendio.com/blog/how-long-keep-business-records/

7 Recordkeeping Requirements | U.S. Equal Employment Opportunity

  • Author: eeoc.gov
  • Published: 05/18/2022
  • Review: 3.76 (578 vote)
  • Summary: Under Fair Labor Standards Act (FLSA) recordkeeping requirements applicable to the EPA, employers must keep payroll records for at least three years. In 
  • Source: https://www.eeoc.gov/employers/recordkeeping-requirements

8 How Long Should You Actually Keep Your U.S. Business Records?

  • Author: freshbooks.com
  • Published: 11/02/2021
  • Review: 3.4 (407 vote)
  • Summary: You’ll need to hang onto your business tax returns and all supporting documentation until you can no longer be audited for that tax year. In the US, the IRS 
  • Source: https://www.freshbooks.com/blog/business-records

9 Record keeping requirements – Washington Department of Revenue

  • Author: dor.wa.gov
  • Published: 06/29/2022
  • Review: 3.21 (387 vote)
  • Summary: Good record keeping is an important element of running a successful business. The law requires businesses to keep complete and adequate records for a period 
  • Source: https://dor.wa.gov/education/industry-guides/convenience-stores/record-keeping-requirements

10 Where to keep your records, for how long and how to … – Canada.ca

  • Author: canada.ca
  • Published: 02/22/2022
  • Review: 3.05 (356 vote)
  • Summary: · Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate 
  • Source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/where-keep-your-records-long-request-permission-destroy-them-early.html

11 What Records Do I Need to Keep if I’m Going Out of Business?

  • Author: smallbusiness.chron.com
  • Published: 09/02/2021
  • Review: 2.92 (77 vote)
  • Summary: Accounting Records · Tax Records · Personnel Records · Corporate Records · Small Business Guide to Document Retention · Finance Audit Checklist · The IRS Forms 
  • Source: https://smallbusiness.chron.com/records-need-keep-im-going-out-business-25284.html

12 How Long Should You Keep Business Records? – Community Tax

  • Author: communitytax.com
  • Published: 09/24/2021
  • Review: 2.69 (195 vote)
  • Summary: · Business records such as worker’s compensation records, patents and trademarks, and business licenses should be kept for as long as possible
  • Source: https://www.communitytax.com/how-long-keep-business-tax-records/

13 How Long Should a Small Business Keep Records? | MBK

  • Author: mbkcpa.com
  • Published: 04/11/2022
  • Review: 2.66 (170 vote)
  • Summary: · Generally speaking, you should keep any tax return and supporting documentation until the statute of limitations expires. For most taxpayers, 
  • Source: https://www.mbkcpa.com/how-long-should-a-small-business-keep-records

14 How Long Should You Keep Business Records? – AllBusiness.com

  • Author: allbusiness.com
  • Published: 11/22/2021
  • Review: 2.6 (134 vote)
  • Summary: The IRS recommends that businesses keep employee tax records for at least four years. You also should keep payroll records and payroll tax records, which 
  • Source: https://www.allbusiness.com/record-keeping-for-small-businesses-35619-1.html

15 How Long Should You Keep Documents?

  • Author: uschamber.com
  • Published: 09/19/2021
  • Review: 2.42 (190 vote)
  • Summary: · Accounting documents: Retain all small business accounting records applicable to your taxes, including depreciation schedules and year-end 
  • Source: https://www.uschamber.com/co/start/strategy/how-long-to-keep-business-documents

16 How Long Should you Keep Business Records? – Sullivan & Ward

  • Author: sullivan-ward.com
  • Published: 10/20/2021
  • Review: 2.45 (55 vote)
  • Summary: · Any contract or lease the business is a part of is also crucial to retain. Likely, most contracts cannot be fully performed within one year and 
  • Source: https://www.sullivan-ward.com/how-long-should-you-keep-business-records/

17 How long should you keep business records? – MileIQ

  • Author: mileiq.com
  • Published: 12/27/2021
  • Review: 2.37 (167 vote)
  • Summary: If you own a small business, you need to keep business records, whether in digital or hard copies. The IRS recommends saving financial records for up to seven years , although some documents should be saved longer than others. These are necessary for annual tax filings and potential audits
  • Source: https://mileiq.com/blog-en-us/long-keep-business-records

18 After a business closes, what do we do with company and employee

  • Author: shrm.org
  • Published: 07/17/2022
  • Review: 2.29 (116 vote)
  • Summary: For example, Internal Revenue Service (IRS) record-keeping standards require employers to keep employment tax records for a minimum of four years after the date 
  • Source: https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/generalpersonnelrecordsafterabusinesscloses,whatdowedowithcompanyandemployeerecords.aspx

19 Recordkeeping Requirements | Businesses – Virginia Tax

  • Author: tax.virginia.gov
  • Published: 11/26/2021
  • Review: 2.01 (139 vote)
  • Summary: General Requirement for All Taxes You should keep your tax records for at least three years from the due date of the return or the date the return was filed 
  • Source: https://www.tax.virginia.gov/recordkeeping-requirements-businesses

20 How long should I keep records? | Internal Revenue Service

  • Author: irs.gov
  • Published: 04/08/2022
  • Review: 1.89 (107 vote)
  • Summary: · Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file 
  • Source: https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

21 How Long to Keep Business Records: 5 Tips to Protect Your Business

  • Author: taluspay.com
  • Published: 03/05/2022
  • Review: 1.93 (153 vote)
  • Summary: As a rule of thumb, the IRS instructs business owners to keep tax-related records for at least three years. Many documents have added requirements, which we’ll 
  • Source: https://taluspay.com/blog/how-long-to-keep-business-records-5-tips-to-protect-your-business/

22 How Long Should You Keep Business Records? | Nolo

  • Author: nolo.com
  • Published: 03/13/2022
  • Review: 1.69 (53 vote)
  • Summary: Keep business income tax returns and supporting documents for at least seven years from the tax year of the return. The IRS can audit your return and you can 
  • Source: https://www.nolo.com/legal-encyclopedia/how-long-should-you-keep-business-records.html

23 5 Best Practices for Small Business Record-Keeping – The Motley Fool

  • Author: fool.com
  • Published: 11/16/2021
  • Review: 1.71 (147 vote)
  • Summary: · IRS and Department of Labor (DOL) record retention mandates vary between two and six years, depending on the document. Regardless, maintain all 
  • Source: https://www.fool.com/the-ascent/small-business/accounting/articles/small-business-record-keeping/

24 How Long to Keep Business Tax Records and Receipts

  • Author: bench.co
  • Published: 01/27/2022
  • Review: 1.53 (90 vote)
  • Summary: · The eight small business record keeping rules · Always keep receipts, bank statements, invoices, payroll records, and any other documentary 
  • Source: https://bench.co/blog/tax-tips/small-business-recordkeeping/

25 How Long to Keep Business Tax Records – NerdWallet

  • Author: nerdwallet.com
  • Published: 05/15/2022
  • Review: 1.55 (173 vote)
  • Summary: If you didn’t report income when you should have, you’ll want to hold onto your records for six years. The IRS rule says that if the income you omitted is 25% 
  • Source: https://www.nerdwallet.com/article/small-business/how-long-to-keep-business-tax-records

26 Business Documents: How Long to Keep Business Records – Nav

  • Author: nav.com
  • Published: 04/12/2022
  • Review: 1.49 (110 vote)
  • Summary: · We’ll talk more about what tax records to keep in a minute, but in general, you should hang onto tax returns and business receipts for three 
  • Source: https://www.nav.com/blog/how-long-to-keep-business-records-703619/

27 How long to keep business records – Invoice2go

  • Author: invoice.2go.com
  • Published: 05/12/2022
  • Review: 1.39 (179 vote)
  • Summary: How long do I need to save business tax records? · Past tax returns: 3 years · Receipts: 3 years · Other financial records: 3 years · Employment tax records: 4 
  • Source: https://invoice.2go.com/learn/administration/how-long-to-keep-business-records/

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