Relationships Keep Filing

Relationships keep filing

In order to maintain an organized system of files, all documents that are relevant to the subject should be kept in a central place. This ensures that the documents will not be lost. It also saves money, space and equipment for maintaining the records. It also helps in avoiding unnecessary duplication and serves as documentary evidence when disputes arise between different departments. It also makes the handling of correspondence easy and efficient.

How long should I keep the records?

For business and financial records, you should keep them for at least 6 years after you filed a return. However, you should keep tax-related records for longer than that if they can help you prepare a timely return or claim a refund or credit