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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 02-24-2021, 08:47 AM
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Josiegirl Josiegirl is offline
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Default Keeping Paperwork

I know this has been discussed before(I've probably even asked it before ) but how long do you have to keep all your old tax paperwork, receipts, etc.? I've been retired 2 yrs. in May but I have folders from way back 20+ yrs. ago. Is there anything from those I need to keep? How long is the ideal time to keep stuff and be safe.
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Old 02-24-2021, 12:57 PM
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Originally Posted by Josiegirl View Post
I know this has been discussed before(I've probably even asked it before ) but how long do you have to keep all your old tax paperwork, receipts, etc.? I've been retired 2 yrs. in May but I have folders from way back 20+ yrs. ago. Is there anything from those I need to keep? How long is the ideal time to keep stuff and be safe.
You should message Tom Copeland on this.
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Old 02-24-2021, 05:01 PM
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All the tax sites say at least 3, but they recommend 7. https://www.irs.gov/businesses/small...i-keep-records

I am like you and have over 20. It does not take up much space, though. One bankers box, half full, so I will probably just keep them all.
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Old 02-24-2021, 06:00 PM
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Here is an article he wrote several years ago on his site
http://tomcopelandblog.com/what-reco...d-for-how-long
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Old 02-24-2021, 06:39 PM
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Kinda of off subject-depends on how you look at it

My sweet father once had a HUGE container of papers that were filled with water.

He told me that instead of shredding (and there was ALOT more to shred) he was letting the papers soak. This way if someone wanted the papers, when they would pick them up, it would shred in the person's fingers.

He was such a creative man and I miss him dearly
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Old 02-25-2021, 04:12 AM
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Thanks for the links!

And FormerTeacher, what a sweet story. Thanks for sharing.
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Old 02-25-2021, 04:51 AM
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Originally Posted by Former Teacher View Post
Kinda of off subject-depends on how you look at it

My sweet father once had a HUGE container of papers that were filled with water.

He told me that instead of shredding (and there was ALOT more to shred) he was letting the papers soak. This way if someone wanted the papers, when they would pick them up, it would shred in the person's fingers.

He was such a creative man and I miss him dearly

Oh my that is so funny. It reminds me of my Grandma ingenious. She would only fill the wash side of the sink with a little bit of water to start. As she washed she would turn the water on to rinse filling the wash side more and keeping the water warm. By the time she got to the grimey pans she had a full sink of hot, fresh water.

She would keep a bucket on the porch to catch rain water or snow to water her plants with. She said it keep the plants healthier.
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