Shred - What Years Can Go Now???

[Unregistered]

I am thinking we need to save 3 years according to Tom Copeland.
So..... Does this mean, we can now schred, 2009 and the prior years???

What years should we have saved now???

What to keep, what to shred???

Running out of storage room!!

[Blackcat31]

My state requires I keep files on all children who attended for 7 years.

I'd check with your licensor to be sure.

I ditched my tax records from 2008 and earlier but nothing else.

[TomCopeland]

Save records

I am thinking we need to save 3 years according to Tom Copeland.
So..... Does this mean, we can now schred, 2009 and the prior years???

What years should we have saved now???

What to keep, what to shred???

Running out of storage room!!

The IRS requires you to save tax records for at least 3 years after you file them. Save them for 4 years to be safe. If you hire employees, save your payroll records for 4 years. In addition, save records for items you are depreciating for as long as you are depreciating them for plus 3 years. Save your tax return forever.

Note: your state may require you to save state tax records for more than 3 years. If so, save your federal tax records for the same amount of time.

See my article on this:http://www.tomcopelandblog.com/2013/...r-7-years.html

[DaisyMamma]

When you own a business it is good practice to keep everything, forever!

I just spoke with a woman who changed her daycare's name when moving, many years ago. She's about to retire and found out that 10 years of her social security went missing because she changed her daycare's name when she moved. If she hadn't had all of her past tax documents then she would have lost every penny paid over those 10 years!

[KnoxMom]

Wow, better safe than sorry! I scan all paper documents and save them on jump drives that I put into my safe deposit box (once full) at my local bank. I haven't been in business long enough to say how efficient this will be, but my record retention policy (according to my business plan) is to keep documents for 7 years whether in paper or electronic format. I have document boxes in my garage that should hold the most recent years (3). Try basing it on whatever the statute of limitations is for your area for legal/administrative action.