Record Retention Guide for Small Business – What to Keep and What to Toss
by Linda Siniscal
It’s tax time and you have piles of receipts, bank statements, tax forms scattered all about. If you work from a home office, filing space is definitely at a premium so here is a guide of what records you need to keep, what you can save electronically and what records you are safe to shred and destroy.
Federal law requires you to maintain copies of your business tax returns as well as your personal tax returns for three years including all the supporting documentation for those returns.