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What Kind of Records Should I Keep for My Business?
As the end of the year nears, now’s a good time to make sure your business’ tax records are in order.
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Michael T. Hanley, CPA Posted: 9:36 PM On July 5, 2009
Great list! Also important to note is for how long to keep these records. Here are some items that I advise clients to keep forever:

Appraisals
Audit Reports
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents Substantiating Fixed Assets
Deeds
Depreciation Schedules
General Ledgers
Important Canceled Checks
Insurance Records
IRS Reports
Journals
Legal Records, Correspondence & Other Important Matters
Minutes Books of Directors and Stockholders
Mortgages, Bills of Sale
Retirement & Pension Records
Tax Returns
Year-End Financial Statements


For a full list of records to retain and for how long to retain them, visit: www.mhcpafirm.com/taxretention.html

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available at bookstores nationwide or online at www.30minutebooks.com).
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