Every business owner knows that it's vital to keep good records.
However, the moment does come when you can do the flamenco on them while wearing spiked track shoes. You can always get rid of something you decided to keep, but finding out you should have held onto something that you destroyed could be disastrous. If the IRS penalizes you for not having a record they request, tidying up will also prove to be expensive. Keep tax receipts for three years The IRS says you have to keep records as long as your income tax return can be examined. That means you have to keep the paperwork around to prove an item on your return until the statute of limitations expires for that return.