Disposing of old records.
How long do you recommend old records be stored. Payroll tax forms, income tax forms, etc? I have some items dating back over ten years and I want to dispose of them.
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11/03/09 10:54am PST
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I suggest keeping all of your income tax returns to show proof of filing. The back up to the return, (i.e. receipts, paper bills, bank statements), I recommend keeping for 7 years. Payroll never ends. There is no limitation on payroll issues. What I have started doing with my clients is scanning time cards and payroll tax returns to avoid keeping so much paper.
