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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-26-2012, 10:41 AM
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Default What To Save???

I know we need to keep 3 years of all paperwork and receipts plus anything still in the process of depreciation.
So.... what should I have on file now?
2008, 2009, 2010 ??
Once I have 2011 taxes complete, when can I shred 2008??

Drowning in paper!!!
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Old 01-27-2012, 05:16 PM
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TomCopeland TomCopeland is offline
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Default what to save?

You need to save your tax records for at least 3 years after filing your tax return. Save your 2008 records until after April 17, 2012. However, continue to save any receipts/records for 2008 and earlier for items that you have been depreciating. Save these records for as long as the depreciation period, plus three years. Also, save copies of your tax returns, for as long as you live.

Check with your state tax revenue office to see how long you must save state tax records. Some states require you to save them for 4 years.

Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th, 8:30-10:00pm Eastern time:
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receipts, records, records old, tom copeland

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