Title Image

How many years of taxes do you have to keep for a business?

How many years of taxes do you have to keep for a business?

As the looming tax season approaches, many taxpayers scramble to find the answers pertinent to their unique employment, investment and business-related questions from qualified accountants. The question of how long to hold on to tax-related paperwork is one of the most frequently-asked questions that preparers and accountants receive each year. While the specific answers vary greatly depending on the type of paperwork in question, the general rule of thumb is to hold on to every tax-related document for 7 years. This general rule of thumb is especially important if you own a business, or if you have a lot of investments or deductions that would flag the IRS and put you at risk for an audit.

Any documents pertinent to business income tax returns or amendments should be kept for 7 years. If you are filing as a sole-proprietor or an LLC, documents such as accounts payable/receivable ledgers, detailed expense reports and invoices should also be kept for 7 years. If canceled checks are pertinent to tax filing, those should also be kept for the maximum of 7 years along with supporting bank account and credit card statements. If you or an employee has suffered an on-the-job injury, those files should be kept for at least 7 years. If workers compensation was involved, it is very important to keep any files for up to 10 years; you can dispose of them 7 years from when the matter was resolved or finalized.

Employment tax records involving pay, pension, and annuity information should be kept on file for 4 years. Business asset receipts such as vehicle titles should be kept until the property is sold. A licensed tax professional can guide you with answers and advice on unique situations you may encounter in your business or as an employee. Always, make sure to use a cross-cut shredder to dispose of important tax and financial documents once you are ready to throw them away.

Coming Soon!

The New Private Eyes Platform.

Background Checks | LegacyLender Solutions | Login

For any questions contact us at (925) 927-3333.

Site Security Notification

 

Use the buttons below to continue your login.

For SITE SECURITY purposes and to ensure that this service remains available to all users, this computer system employs software programs to monitor network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Unauthorized attempts to upload information or change information on this service are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act.

NOTICE: We will not obtain personally-identifying information about you when you visit our site unless you choose to provide such information to us.

Point of Contact for Security and Monitoring: Frank Santa Elena email: security@pebackgroundchecks.com Information Systems Security Officer (ISSO) for www.privateeyesbackgroundchecks.com phone (925) 927-3333.

For any questions contact us at (925) 927-3333.

Find the Right Lender Solution

Fill out the information below and we will contact you or call us at 925-927-3333



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Find the Right Background Screening Solution

Fill out the information below and we will contact you or call us at 925-927-3333.



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Candidate Assistance

If Private Eyes is running your background check, please contact our Customer Service department. A person on our team will be more than happy to assist you

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333

Private Eyes Customer Assistance

If you are a current customer, please contact our Customer Service department. A person on our team will be more than happy to assist you.

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333