{"id":67291,"date":"2025-02-04T05:36:14","date_gmt":"2025-02-04T05:36:14","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/how-long-should-you-keep-business-tax-records\/"},"modified":"2025-02-04T05:36:14","modified_gmt":"2025-02-04T05:36:14","slug":"how-long-should-you-keep-business-tax-records","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=67291","title":{"rendered":"How Long Should You Keep Business Tax Records?"},"content":{"rendered":"


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An important part of any business is record keeping<\/a>. You should keep records about payrolls, invoices, and taxes. Not only will these records keep you in compliance with the law, but will also help you understand your business\u2019 financial health.<\/p>\n

A large amount of paperwork is accumulated each year, and it can be difficult to determine how long you should keep this information. When determining how long you should keep records, you first should consider the type of information you\u2019re looking at. The IRS has given businesses specific guidelines for particular pieces of information, such as how long you should keep business tax records. You want to make sure the relevant information is available if your business is audited.<\/p>\n

For laws that apply to your specific business, you need to consultant an accountant<\/a>, but here are some general guidelines:<\/p>\n

Tax returns<\/h3>\n

Businesses file quarterly taxes with the federal and state government. You also file a tax return each year. The IRS recommends that you keep tax records for three years<\/a> from the date you file. If you file a claim for credit or refund after you file your return, you should keep the returns for two years from the date you paid the tax. Always file for your tax return. If you never file, or if you commit an act of deliberate fraud, there is no statute of limitations.<\/p>\n

State Rules<\/h3>\n

Each state has specific rules<\/a> about keeping tax returns. In Virginia, for example, the law says you need to keep tax returns for at least three years from the date of the return or the date the return was filed. The same law applies in Maryland. It\u2019s best to check with your accountant on the rules that apply in your state.<\/p>\n

Employment Tax Records<\/h3>\n

If you have employees, you have to keep track of records pertaining to them. These records include things like:<\/p>\n