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Legal Tips-Part I - Tax Records Retention

  

"Dibble's Do's and Don'ts Tax Rules"

   

Part I - Tax Records Retention
(PDF Copy)

  1. Federal Tax Returns Retention. Keep your Federal Income Tax and Payroll Tax Returns for at least ten years.

  2. NYS Tax Returns Retention. Keep your New York State Sales, Payroll and Income Tax Returns forever.

  3. Tax Return Copies. When tax returns are copied, copy the actual return to be sent to the tax authorities, including the signature page after it has been signed by the taxpayer and the tax preparer, if any. Never rely upon a work or pencil copy of the return for your copy.  Also, copy the envelope after it has been addressed and stamps have been placed upon it.

  4. Income and Expense Records Retention. Keep all records that show income. Businesses involved in cash sales where cash registers are used or sales receipts are given, like restaurants, need to keep receipts of each sale, e.g., each cash register sales receipt and daily cash register sales totals, as well as the the customer sales-check used to request payment should be kept -- do not rely upon bank deposits to prove cash sales. Keep all personal records that show payments for expenses such as rent, utilities, medical, transportation, insurance, child support, maintenance and court orders. If these receipts are not given at the time of payment, they should be obtained.

  5. Records Surviving a Divorce. Frequently, important tax records get destroyed during a divorce by bitter spouses, foresight should be able to prevent this from happening.

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