Record Retention Guide – Businesses and Individuals

Record Rentention Guide - Virginia CPA Firm

To Keep or Not To Keep…Records Retention Guides for Businesses and Individuals

It's important to keep your business and personal records in case of an IRS audit or other examination.  This guide outlines the recommended length of time you should keep certain documentation.

Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. However, retaining unnecessary records may cause a business or individual to exceed available storage space.

Our business and individual Records Retention guides are a great reference tool that will you help you in answering the question…to keep or not to keep.