How Long To Save Paperwork??? Cleaning Out!

[Unregistered]

I have paperwork and tax stuff from my day care for years. I am ready to purge some of this paper!
Can someone please tell me, as of today, Feb 2, 2014. What DO I need to save and what can I shred??

Thank you!

[daycare]

I have paperwork and tax stuff from my day care for years. I am ready to purge some of this paper!
Can someone please tell me, as of today, Feb 2, 2014. What DO I need to save and what can I shred??

Thank you!

I believe it is 3 years, however, I save 5 years. The rest I shred.

[TomCopeland]

save records

I have paperwork and tax stuff from my day care for years. I am ready to purge some of this paper!
Can someone please tell me, as of today, Feb 2, 2014. What DO I need to save and what can I shred??

Thank you!

You need to save all tax records for 2012, 2011, and 2010. After April 15, 2014 you can toss your 2010 tax records.

Exceptions: Save copies of the tax forms forever. Save copies of anything you are depreciating for the life of the depreciation, plus 3 years. Your state may require you to save state tax records for longer than 3 years. If so, save your federal tax records for the same period of time.

Your state child care licensing rules may require you to save licensing and attendance records for a period of time (5 years in Minnesota).

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here:http://events.r20.constantcontact.co...&llr=yatrx4cab