How Long to Keep Business Records

We are in the middle of a great purge as we close our custom furniture business.  We sold off most of our major tools on Saturday and today we packed seven years worth of business records into my CR-V to take to the shredder.

Of course, since it had been a while since I purged business records, I had to call my accountant and ask how to keep business records so I didn’t purge too many of them.

The answer is 7.

Seven.

Keep the previous 7 years worth of business records.

Seven seems to be the magic number today.  Apparently, it has been 7 years since I purged my files because I had boxes labeled 2003, so that last time I did this was in 2010.  Don’t be like me.  Purge every year!!

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One thought on “How Long to Keep Business Records

  1. Actually, it may be longer or shorter. The IRS – if it feels you have been using criminal concepts in your submission- can go back further. (You must have been a pretty good (bad) criminal for this to happen.)
    And, if you bought a house- the documents need to be saved until SEVEN YEARS AFTER you SELL the house.
    So, 7 is a rule of thumb- but there are 4 other fingers on that hand.
    Roy A Ackerman, PhD, EA recently posted…Janney’s Lane? No, the Post Office says its Janneys Lane.My Profile

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