Author’s note: I’m taking a break from blogging (click here for details), but please feel free to contact me at (800) 889-6484 or David@SmallBizLogic.com.

“How long should I keep my tax returns? Cancelled checks? Payroll records?”

1. Don’t keep certain documents at all (restaurant expenses paid by credit card)
2. Keep everything else for seven years (fixed assets)
3. Except keep some documents forever like tax returns and property deeds
4. Ask your CPA for written guidelines
5. Consider a long-term, online electronic storage solution
6. Revisit your policy annually; stay current in today’s fast-changing data environment (web 2.0, wireless, mobile, etc.)
7. Use your judgment to resolve the contradictory advice you’ll receive.

Links…

• Business Owner’s Toolkit: Ask Alice About Record Retention
• San Francisco Chronicle: Hang on to those employee records as long as law requires
• Internal Revenue Service: How long should I keep records?