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Receipts for purchases.....

Discussion in 'Business Operations' started by LwnmwrMan22, Jul 29, 2007.

  1. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Posts: 4,372

    How long do you keep your yearly receipts?? We're going through our house, trying to reorganize everything now that our 5 and 2 year old are wanting to have more stuff.

    Anyways, I've got boxes of receipts going back to 1994, figure that maybe there should be a cutoff here where I can start bailing on these things.

    My parents have told to me to keep everything, in case I'm ever audited, because they were back in the 70's and they say it was hell, but I've got to believe that things have changed since then.

    I'm completely on the up and up, have nothing to hide, so I don't think they'd find anything in the first 5-7 years if I ever WERE audited to cause them to search deeper.
  2. lawnMaster5000

    lawnMaster5000 LawnSite Senior Member
    Posts: 589

    There is a law regulating how long you have to keep your records, I am sorry I do not know what that time frame is. I think it is around 7 years. Check the IRS web site for the actual times.
  3. richallseasons

    richallseasons LawnSite Senior Member
    Posts: 479

    I keep everything within 7 years, all paperwork older than that gets burned.
  4. gavin478

    gavin478 LawnSite Member
    Posts: 139

    Yep, 7 years is the standard for all tax documents and records
  5. Tim Wright

    Tim Wright LawnSite Bronze Member
    Posts: 1,034

    7 years is the mark, but I would keep them for 10.

  6. westwind

    westwind LawnSite Senior Member
    Posts: 444

    We keep all of our records for a minimum of 7 years. Then shred or burn after that. Especially if your dealing with credit card information, and bank statements.
  7. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    Yes 7 years. But if the IRS thinks theres some hanky panky going on, they can go back as far as they want to.

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