Tax season is over and many people wonder how long they need to hold on to their finanicial documents.
The age-old dilemma of record retention requirements has not gotten any easier – even with the advent of electronic storage. Even if you religiously keep as many of your business records as possible on your computer, and diligently back those records up, you still need to retain many records for varying periods of time. There is not a single statute of limitations for the many categories of records a business needs to hang onto for awhile. Requirements also vary by industry. The art of effective record retention boils down to two standards—reason and risk. Through the implementation of a formal record retention program, you may be able to reduce your costs significantly.
The following chart provides some general guidelines. For the full article please visit: http://www.dh-cpa.com/client_media/files/pdf/Record%20Retention%20122710.pdf.