6. Keep Your Records

How long you need to keep your business records depends on what’s recorded in each document.

  • Property records: Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax.
  • Employment tax records: Keep all records of employment taxes for at least four years.

For more details, see How Long Should I Keep Records?

Previous Lesson
Back to Guide