We are often asked, “How long do I have to keep this stuff?”
Whether personal or business, the minimum is 3 years to retain records since the IRS generally has 3 years to audit you from the date you file your taxes (with the exceptions of a false return or willful attempt to avoid tax). However, the general rule is 7 years for records retention. We generally use 10 years.
Scanning and creating electronic versions of your backup information helps to cut down on the paper pile.
Contact us if you’d like a more detailed guide for keeping all that “stuff”.