Crucial question: How Long Should I Keep Accounting Records?
A lot of people have this dilemma regarding their bank statements, personal tax, and credit card
statements, and they would ask themselves, how long should I keep my tax records? Well-organized...
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Crucial question: How Long Should I Keep Accounting Records?
A lot of people have this dilemma regarding their bank statements, personal tax, and credit card
statements, and they would ask themselves, how long should I keep my tax records? Well-organized
records not only help you in preparing your tax return, but they also help you in answering questions if
your return is selected for examination or it will help you prepare a response if you are billed for
additional tax.
Luckily, you don’t have to hang onto all tax records around constantly.
Generally, tax
records should be kept for three to seven years, but some documents like records pertaining to home
purchase or sale, stock transactions, IRA, and business or rental property must be kept longer.
How long should I keep accounting records? Now, this is a very important question that we should put
certain emphasize.
But bear in mind that the rules around record keeping can change.
In case that
you are having some reservation, con
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