I am packing some things up because we have our house for sale and want to start getting rid of things. How long do we need to keep tax returns and our daycare income/expense/signin logs? Thanks! Don't know if it matters, but I'm in Michigan.
I am packing some things up because we have our house for sale and want to start getting rid of things. How long do we need to keep tax returns and our daycare income/expense/signin logs? Thanks! Don't know if it matters, but I'm in Michigan.
I don't know about daycare laws, but I worked in an accountant firm for a year. They were required by law to keep everything for 7 years.
Here is Tom Copeland's answer to that question from another thread:
Originally posted by TomCopeland
You should keep a copy of your business receipts and tax records for 4 years after your quit (3 years is the rule, but 4 years is safer). Save your tax returns forever. Keep a copy of your business liability insurance contracts that you've had while you were in business until the day the youngest child in your program (on the date you quit) turns age 21 (this will help you if you get sued by a child later on). Cancel your business liability insurance.
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