Business Studies, asked by Bozichjasyn, 3 months ago

Maintaining Financial Records

What financial records should be kept permanently?
What records should be kept 3-5 years?
What records should be kept 1 year?
What records should be kept 1 month?

answer this quickly it is due at 12:30 pm I will mark anyone brainliest

Answers

Answered by varsha5160

Answer:

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

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