If you are referring to expense records used for tax purposes, then you should keep them for the same time period you keep copies of all of your tax documents. This should be a minimum of 3 years from when the due date of that tax year's deadline or when the tax was paid, whichever was later. This is so that you have them in the case of an audit (which is typically in that time frame). So for your 2009 tax returns, if you had a deadline of April 15, 2010 and paid your taxes by that date, then you would keep those tax returns until April 15, 2013.
You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
You file a fraudulent return; keep records indefinitely.
You do not file a return; keep records indefinitely.
You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
A small business should keep tax records for at least seven years.
TurboTax keeps records for tax purposes for up to seven years.
Most credit card companies only keep records for approx 13-18 months. You would think they would keep them longer right?? With all the bank consolidations happening, records go missing and/or are not implrted into the new computer system. It costs lots of money and time to transfer records of that size.
Depreciation expense is the process of reducing the cost of fixed asset during the fiscal life of a long term asset through annual fixed amount of expense charged to profit and loss account of business in which that long term asset is utilized in business to generate revenue.
Yes, you can generally deduct the cost of software as a business expense on your taxes, as long as it is used for your business and not for personal use.
How long to keep accounting records for business in the US
They have to keep records for 6 years after your last appointment
Many people would keep a deceased person's records for at least 10 years. Many people keep these records for longer than that.
We must keep tax records for 10 years for a business
Profits - Expense = Savings and Investment Profits keep a business going as long is it is more than expense.
employer keep payroll records maxium 1 year .
You should keep the records for a minimum of 5 years.
as long as you want 2 i guess!!!
5 years
At least as long as the IRS requires records of transactions, 7+ years
Seven years is standard.
five years