The IRS generally has 3 years to audit a tax return from the filing date (6 years if underreporting is suspected). Keep all tax returns and supporting documents for at least 7 years: income records (invoices, bank statements, PayPal records), expense records (receipts, credit card statements, vendor invoices), payroll records (W-2s, 941s, time records), and asset records (depreciation schedules, purchase receipts, sale documents).
...Get full access to this course — all modules, lessons, quizzes, and checklists — for $5.
Get Full Access — $5