Business Tax Disposal Guide
How Long to Keep Business Tax Documents?
Every business owner understands the importance of holding onto business tax documents, but these documents should be retained for more than just compliance with IRS rules and regulations. Tax records can also be testimonial evidence in court cases, and serve as financial documentation in case of transitions in accounting firms or legal counsel. Read on for information on the suggested minimum retention period for business tax documents.
Suggested Retention Guide for Business Tax Records
| Document Type | Suggested Minimum Retention |
| Audit reports | Permanently |
| Tax returns and worksheets | Permanently |
| Year-end financial statements | Permanently |
| Investment trade confirmations | Permanently |
| IRS agent reports | Permanently |
| Insurance records | Permanently |
| Chart of accounts | Permanently |
| Employee W-2 forms | 7 years |
| Employee W-4 forms | 5 years |
| Internal audit reports | 3 years |
| Sales records | 7 years |
| Employee timesheets | 7 years |
| Payroll withholding statements | 7 years |
Important note: These recommended guidelines are not a substitute for legal advice; consult your accountant or attorney for the most up to date information.
How to Dispose of Business Tax Records
Proper destruction of old records is just as important as maintaining best practices for document retention. Many businesses choose to contract a dedicated shredding company to assist in the task of completely destroying these sensitive documents before they can pose a risk to the company. The team at Proshred® Columbus is standing by to assist you with your information destruction needs any time of the year. Our mobile shredding truck operators can come to your location and shred all of your documents on site without ever making physical contact with the papers, so you know you have received the most secure service possible.
What People Are Saying About Proshred®
For $20, Proshred took my 13 gallon bag of paper and shredded it before me. Service was to the point and brief. Note the last... read moreFor $20, Proshred took my 13 gallon bag of paper and shredded it before me. Service was to the point and brief. Note the last shredding job is ar 3pm [not 4pm as stated on the Google Maps]. read less
C. Ojar8/26/2022Excellent service.
Kelly Sullivan4/21/2022Proshred was professional from getting the quote to the pick-up of the shredding, Ricardo was very friendly and accommodating. Very Happy would recommend this company.
A Forshee12/03/2021Jose & Ricardo were absolutely fantastic! They were so professional, timely, efficient and kind during delivery of our shred bin. I would recommend Proshred to... read moreJose & Ricardo were absolutely fantastic! They were so professional, timely, efficient and kind during delivery of our shred bin. I would recommend Proshred to anyone based off our phenomenal experience with these two gentlemen. read less
John Ammatuna12/03/2021We used Proshred to clean up a ton of old documents at our retail location in Hartsdale, NY. The team was extremely responsive to every... read moreWe used Proshred to clean up a ton of old documents at our retail location in Hartsdale, NY. The team was extremely responsive to every email to leading up to and following the appointment. The pair that came onsite to do the shredding were enthusiastic and efficient. It was a true pleasure to hire the team at Proshred for our project.We were able to watch the shredding from a camera on the truck to ensure our confidential documents were completely destroyed.I highly recommend Proshred for their excellent work ethic. read less
Laura Violet6/30/2021Great service at great rates. They were very accommodating to even small jobs and very convenient from all major highways for a drop off.... read moreGreat service at great rates. They were very accommodating to even small jobs and very convenient from all major highways for a drop off. Steve is very professional and the drop to payment takes only minutes. They also offer at home service, which is great for larger jobs. read less
RMM Finance Dept.12/31/2020Because of the virus my husband was cleaning out his home office, as a realtor he had documents more than 10 years old. We... read moreBecause of the virus my husband was cleaning out his home office, as a realtor he had documents more than 10 years old. We didn’t know where to go, and found Pro Shed online. We set up an appointment for drop-off with Steve. He was very accomodating, professional and courteous. When he noticed my husband’s military hat, he went out of his way to assist while still being socially distant. The documents were extremely sensitive due to the nature of my husband’s business. We now have a much more organized office, we would definitely recommend Pro Shred and Steve to other businesses,friends, and relatives! Thank you Steve! read less
Marietta Sanzo12/31/2020