People and corporations are supposed to retain tax returns of at least three years. but in the event of overstatements of income exceeding 25 percent, keep them six years. Retention period of seven years on the loss claims or bad debts. Businesses are expected to keep valuable financial records like payrolls or property records within a maximum of ten years. In order to keep digital copies, it is okay to have them clear and accessible. It is also good practice to keep records in order to make them compliant, easier to audit and to have the required documentation to validate legal or financial check when necessary.

How Long To Keep Tax Records