Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.-Travis – Brandon Mississippi
CAUTION: IDENTITY THEFT IS A SERIOUS THREAT IN TODAY’S WORLD, AND IT IS IMPORTANT TO TAKE EVERY PRECAUTION TO AVOID IT. AFTER IT IS NO LONGER NECESSARY TO RETAIN YOUR DOCUMENTS YOU SHOULD DISPOSE OF THEM BY SHREDDING THEM OR USE SOME OTHER METHOD AND DO NOT DISPOSE BY MERELY THROWING ANY RECORD AWAY IN THE TRASH.
Create a Backup Set of Records and Store Them Electronically
Keeping a backup set of your business records is easier than ever now since many financial institutions provide statements and documents electronically, and most financial information is available on the Internet.
Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don’t
forget to label it).
You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.
Business Documents To Keep For One Year
Business Documents To Keep For Three Years
Business Documents To Keep For Six Years
Business Records to Keep Forever
Federal guidelines do not require you to keep tax records FOREVER; however, there may be some cases that you will want to retain these documents indefinitely.