How Long to Keep All of the Documents?
The length of time you should keep a document depends on the action, expense, or event which the document records. The Internal Revenue Service suggests you keep records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. If there is any indication of fraud, or you do not file a return, no period of limitation exists.
When in doubt, don’t throw it out!
If you’re unsure whether you should retain a document, a good rule of thumb is to hold on to it for at least six years or, for property-related records, at least seven years after you dispose of the property. Please contact us at (714) 462-5290 with any questions.
Please note, the suggest retention periods listed are not offered as final authority, but as guideposts against which to compare your needs. There may be several situations, for historical or reference purposes, for example, that necessitate longer period than legally required.
DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605
Fullerton, CA 92835