How long do you have to keep records from a business that has closed?
My husband had a small construction business in Calif. He shut it down after 18 years. We have a ton of paperwork, i.e. payroll, invoices, tax stuff. How long do we have to keep this stuff? I think the oldest is from 1998. I don’t know if it makes a difference but it was a corporation.
By: Sue D
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Published by: admin on February 9th, 2010 | Filed under Keep Tax Records
2 Responses to “How long do you have to keep records from a business that has closed?”
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February 12th, 2010 at 4:21 am
Kansieo.com
7 years is the limitation
February 15th, 2010 at 12:58 am
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My mother did taxes and she had to keep all business records for 7 years.
Box them according to years, then as each one passes the 7 year mark shred them and dispose of them.