When it comes to records, some are more important to keep than others. If you own a business, here is a look at some records you might want to hold on to for a while.
Keep documents that provide a record of your gross receipts, including credit card and bank statements, cash register tapes and invoices, at least seven years after your business is sold. You will also want a record of money that leaves your business, as proven by 1099 forms, checks and credit card receipts for business expenses, receipts for sales and employment taxes and more.
If you eventually sell your business and want a record of how much you bought your business for (or put into it from scratch), keeping a record of it will be important. Also keep cancelled checks and other proof of purchases you may depreciate on your tax return and deductions taken for casualty losses.