The Paper Records You Need And Those You Can Do Without
As a business owner, there are certain documents that you just have to have. From tax returns dating back seven years to client records stretching back to the beginning of your business, you can wind up with more files than you have room for in your filing cabinets. There are probably records in there that you can do without, but how do you know what to get rid off? As a general rule, you need to keep all financial records long enough to resolve any issues that could come up, whether that's a client finding a discrepancy when auditing his own books or the IRS deciding that something is wrong with your tax return.