Topic: Tax Records
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Answers to Common Questions
How Long to Keep Tax Records?
There have been many arguments over this question. The best thing to do is keep your old tax records for at least 7 years. This is a number that comes up in every conversation about the topic, Read More »
Source: http://answers.ask.com/Business/Finance/how_long_to_keep_tax_reco...
How Long Should You Keep Tax Records?
You should keep your tax records for at least seven years. After the seven years is over, do not just throw out your records. You should either burn or shred them. Read More »
Source: http://answers.ask.com/Business/Other/how_long_should_you_keep_ta...
How Long Must I Keep Tax Records?
It is best to keep a file for tax records for at least up to 3-5 years. You never know when you will need them again. After that, you need to get rid of those documents by shredding them. Read More »
Source: http://answers.ask.com/Business/Other/how_long_must_i_keep_tax_re...
More Common Questions
Answers to Other Common Questions
You are going to want to keep copies of your tax records for at the very least twenty years if you own a business. You also want to keep track of all your monthly accounting statements.
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Source: http://answers.ask.com/Business/Other/how_long_to_keep_income_tax...
It depends on what type of records they are, most record should be retained for seven years. Some records will need to be kept longer if they are part of a lawsuit, etc.
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Source: http://answers.ask.com/Business/Other/how_long_to_keep_business_t...
The Internal Revenue Service can audit you whenever they'd like, for that reason you should never dispose of tax records as having these records would expedite any audit you might receive.
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Source: http://answers.ask.com/Business/Finance/how_long_do_i_need_to_kee...
You will want to keep your actual tax returns forever, but you can throw the documents and the receipts away after three years. You will have to keep business records for six years after filing. To find more information click here: http://w...
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Source: http://answers.ask.com/Business/Other/how_long_should_i_keep_my_t...
A deferred tax liability is created when differences in the taxable amounts of income in future years are affected by a business transaction reported in the current taxable year. Installment sales are a good example of a time when the entir...
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Source: http://www.ehow.com/how_5910047_record-deferred-taxes.html
Income tax records are confidential and exempt from all state and federal Freedom of Information laws, according to Privacy Rights Clearinghouse, but property tax records are not. (See References) That means a local municipal clerk or a rep...
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Source: http://www.ehow.com/how_5795109_tax-record.html
If you're a business owner, then you're dealing with sales tax in one form or another. Retail and service businesses have to collect sales tax on certain products and services, depending on state and local requirements, and remit scheduled ...
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Source: http://www.ehow.com/how_5880746_record-sales-tax.html?ref=Track2&...
