Posted by Dave H (MI) on August 26, 2014 at 15:22:42 from (50.108.117.135):
In Reply to: Paper work posted by 37Chief on August 26, 2014 at 09:07:40:
In my practice (CPA), I tell people to keep things 7 years. The general rule for IRS was always 3 years, State of Michigan we always did 5 years. General for most things was 7 years based loosely on statute of limitations for things like collections. Items such as long term debt and equipment or other asset purchases were pretty much for as long as you owed or owned plus the usual statute of limitations. Lately Michigan is coming up with new rules on how long we have to keep things, but generally, I am comfortable with 7 years on most stuff other than assets/debts. Just remember, if it appears on your tax return for a given year, you have to keep it for the mandated time set forth by IRS and your state.
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Today's Featured Article - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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