Tax Tips and Information
Preparing for tax season doesn’t just happen once a year. Businesses should be keeping detailed and organized records all year long to ensure each transaction is documented and accounted for. If you’ve ever accidentally thrown something important away, be sure to keep your documents in a safe place and in an organized system.
Take a look below for some tips and information on cleaning up old files, financial planning, and business tax tips.
Keep Important Files Safe – Toss the Rest
1. Toss paid bills after one year, but keep receipts for big purchases (computers, furniture, jewelry and such) indefinitely for insurance purposes.
2. You only need pay stubs until you receive a W-2 for the year.
3. Purge bank statements and cancelled checks every few years.
4. Save tax returns indefinitely and supporting documents for six years. The IRS has three years to audit you and six to challenge under-reported income.
5. Pitch monthly/quarterly investment and retirement plan statements annually, but keep year-end statements and other records as long as you own the securities.
6. Keep non-deductible IRA records to prove you already paid income taxes on the contributions.
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