![]() The information below reflects the periods of limitations that apply to income tax returns. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. "It's easy to cull year-end figures for your CPA or bookkeeper by simply pulling folders out of the file and replacing them with new ones each January.The length of time you should keep a document depends on the action, expense, or event which the document records. "Most businesses will have a file marked 'Operating Expenses,' 'Invoices,' 'Clients' and perhaps 'Payroll,'" she says. In preparation of year-end tax filing, Leeds suggests that small business owners set up a system using file folders organized by category. ![]() He adds that you should check with your financial or tax advisor for details specific to your situation as rules change and can be industry- or location specific. Property records, including intellectual property, for as long as you own the asset plus three years after year of the tax return that includes its sale. ![]()
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