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Re: Smart Tax Planning: Records to Keep.
Why do we get recommendations to keep records longer than 3 years. Why don't we just keep them for 3 years after the close out date for tax purposes, as recommended by the IRS? I have had recommendations on keeping small business records from 3 to as much as 7 years. When my husband's business was sold, after he passed away, I had to take home boxes and boxes of records to store in my garage where I have little storage space. Why should I not dispose of them after three years. I had nothing to do with the business, except for the last 6 months, at which time it was sold.
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