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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 3 Issue 125 August 10, 2001
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 3 Issue 125 August 10, 2001 |
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» From: Roslyn Hts, NY Dear Eva, I am going to be moving to Virginia in 10 days. I've been in the marketing business for over 16 years and have lots of old files. I'm trying to weed out what I don't need but, like most small business owners, I'm unsure as to what amount of stuff is necessary. Can I throw out 1. Invoices from customers no longer in business? 2. Invoices from customers I no longer do business with? How Old? 3. Old invoices to current customers? How Old? 4. My paid invoices from suppliers that are how many years old? Thanks for your expert help. You always have such valuable info. (I love your style, too!) Roberta  [blush] Thank you. You've been pretty special, too. Funny, I was just having the semi-annual, 'Can't I throw it all away, yet?' conversation with my cousin, again, yesterday. Frankly, I am kind of a pack rat. It chills me to the core to see something get thrown out, shredded or destroyed. I suppose, perhaps, it's a sense of history. Years from now, you may want to look something up and remember. (I have ever personal letter, card and postcard I've ever received since I was 9 years old. Those have become treasures.) But, you want to know about business records. The rule of thumb? You can be audited by IRS for up to three years after you file your tax returns. Your state usually adds at least one year to that, so they can reap the rewards of an IRS audit. The safe number is five years. After 5 years, you can dump all the business records you no longer use. But keep, permanently, all records about assets you've purchased, especially if you still own/use them. As to client records - dump the ones who are no longer clients. Do a favor to your current clients - keep their records for about 10 years. You never know when one of them needs information or proof. (I deal with a lot of non-filers who would salivate to get their hands on records from 10 years ago.) Just remember one thing - there is a Rule of Thumb: The minute you throw it out - You will need it! Incidentally, you've done some pretty clever marketing jobs over the years. Keep the information about the ones you liked best. Keep those forever. You just never know when you'll want to write that autobiography. Best wishes Eva Rosenberg Your TaxMama Click Here for TaxMama's Honor System |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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