NET 30's Tip Corner : Susan Sez 
Why do we keep all this stuff? Moving from Andrea's attic dilemma to business, what documents should businesses keep and for how long? This is a perfect time of year to look at your 2010 documents. Organize your documents before you store them. I like to keep our company's records filed by month, each year in its own storage box. This makes it simple to dispose of a box once its useful life is over. Checking with the the IRS experts at IRS.gov, I see: Employment taxes:If you have employees, you must keep all employment tax records for at least four years after the date the tax becomes due or is paid, whichever is later. Assets: Keep records relating to property until the period of limitation expires for the year in which you dispose of the property in a taxable disposition. You much keep these records to figure any depreciation, amortization, or depletion deduction, and to figure you basis for computing gain or loss when you sell or otherwise dispose of the property. Records for non-tax purposes:When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does. Taking time now to set up your 2011 records filing system will save you time when preparing your tax return for 2012. If you have additional questions on this topic, just let us know. We can help you find the answers. Until next month, use these suggestions to get organized! Visit, IRS.gov for even more information! | 
