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+1-800-604-9921 Tollfree open 24 x 7
hello@houseofaccounts.com Drop us a line anytime!
234 Avant Garde Cr. Kenner,LA 70065
toggle menu
  • Tax Preparation
    Storing tax records: How long is long enough? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.
    Business Records To Keep...Personal Records To Keep...
    1 Year 1 Year
    Business Records To Keep...Personal Records To Keep...
    3 Years 3 Years
    Business Records To Keep...Personal Records To Keep...
    6 Years 6 Years
    Business Records To Keep...Personal Records To Keep...
    Forever Forever
    Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.
    Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).
    You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.
    1. Correspondence with Customers and Vendors
    2. Duplicate Deposit Slips
    3. Purchase Orders (other than Purchasing Department copy)
    4. Receiving Sheets
    5. Requisitions
    6. Stenographer's Notebooks
    7. Stockroom Withdrawal Forms
    1. Employee Personnel Records (after termination)
    2. Employment Applications
    3. Expired Insurance Policies
    4. General Correspondence
    5. Internal Audit Reports
    6. Internal Reports
    7. Petty Cash Vouchers
    8. Physical Inventory Tags
    9. Savings Bond Registration Records of Employees
    10. Time Cards For Hourly Employees
    1. Accident Reports, Claims
    2. Accounts Payable Ledgers and Schedules
    3. Accounts Receivable Ledgers and Schedules
    4. Bank Statements and Reconciliations
    5. Cancelled Checks
    6. Cancelled Stock and Bond Certificates
    7. Employment Tax Records
    8. Expense Analysis and Expense Distribution Schedules
    9. Expired Contracts, Leases
    10. Expired Option Records