Record Retention Guidelines For Businesses – Tax season is in full swing again and I’m often asked how long business owners should keep their tax and business records. Unfortunately, there is no hard and fast answer to this question. Some records are worth holding on to forever, as it may be difficult to determine whether an issue arising from those documents will be useful in future tax years. Here are some general guidelines to consider. Record Retention Guidelines For Businesses For all your records, a useful reference may be the state’s six-year income tax statute of limitations that applies to …
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