How long do you need to keep tax records for small business

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You may want to hold off on shredding your tax records even after Tax Day has passed. This is because those forms, receipts, canceled checks, and other documents could be needed later.

TheIRS generally has three years after the due date of your return (or the date you file it, if later) to kick off an audit, so you should save all your tax records at least until that time has passed.

But some documents may be kept even longer, and it's also a good idea to save copies of the tax return itself indefinitely.

Also think about keeping certain documents for non-tax purposes. For instance, it might be wise to save W-2 forms until you start receiving Social Security benefits so you can verify your income if there's a problem.