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Closing down my business #3132523
03/26/23 08:17 PM
03/26/23 08:17 PM
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fredericksburg,va
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cudaman1969 Offline OP
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Throwing away paperwork and need to know how many years back of tax papers do I keep? What a choir, dad started in 65, partners since 85, outright owned since 93. A lot of memories going in the dumpster, very hard. Next thing is to sell the materials and machinery. Might have to take to scrap yard.

Re: Closing down my business [Re: cudaman1969] #3132540
03/26/23 09:23 PM
03/26/23 09:23 PM
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UPPER MICHIGAN, MARQUETTE COUN...
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NITROUSN Offline
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Better ask your accountant that question.

Re: Closing down my business [Re: NITROUSN] #3132548
03/26/23 09:54 PM
03/26/23 09:54 PM
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Star Idaho
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67vertman Offline
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Originally Posted by NITROUSN
Better ask your accountant that question.


I agree. However, mine says 7 years of back taxes filled, 3 tears for documents and such used to file your taxes.


My Monster are real!

Living within your means makes life pretty easy.
Re: Closing down my business [Re: cudaman1969] #3132556
03/26/23 10:23 PM
03/26/23 10:23 PM
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carnut68 Offline
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What kind of business, if you don't mind me asking?


America First!
Re: Closing down my business [Re: carnut68] #3132568
03/26/23 11:15 PM
03/26/23 11:15 PM
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fredericksburg,va
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cudaman1969 Offline OP
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Originally Posted by carnut68
What kind of business, if you don't mind me asking?

Cabinets, millwork and general woodworking, (whatever $$ comes thru the door) I’m the accountant lol. I do have a tax guy, I do all the paperwork then hand to him and he fills out the forms. Sole proprietorship, one man band.

Re: Closing down my business [Re: cudaman1969] #3132575
03/26/23 11:45 PM
03/26/23 11:45 PM
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67vertman Offline
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Found online.....seems pretty comprehensive.

According to the Internal Revenue Service, the required length of time to save business documents varies depending on what the item is and when the period of limitation on that item runs out. The minimum holding requirement for any document is two years, but there are some that must be kept permanently. If you've ever filed a fraudulent tax return, you must keep all records indefinitely.

Accounting Records

Financial records such as the accounts payable ledger, balance sheets, check register and general ledger will need to be kept permanently. Other records such as cash receipts, dividend checks, cost accounting records and accounts receivable invoices and ledgers will need to be kept between five and seven years. In addition, records such as bank statements, accounts payable invoices, payroll checks, canceled checks, earnings register, expense reports and labor cost records will need to be kept between two and three years.

Tax Records

With taxes, the length of time to keep records also varies. For example, annuity and deferred payment plans, depreciation schedules, dividend registers, inventory reports, tax bills and statements, tax returns, sales tax returns and pension returns will need to be kept permanently. Payroll tax returns will need to be kept at least seven years. Also, employee withholding, excise exemption certificates, manufacturing excise reports and retail excise reports will need to be kept for a minimum of four years.

Personnel Records

The recommended length of time to keep personnel records also varies. Records such as injury frequency charts and health and safety bulletins should be kept permanently. Accident reports, injury claims and settlements should be kept for 30 years. Employee insurance records should be kept for 11 years. Attendance records should be kept for seven years. Employee contracts should be kept for six years. Garnishments, applications and terminations should be kept for five years. Fidelity bonds should be kept for three years. Also, job descriptions, rating cards and time cards should be kept for two years.

Corporate Records

With the exception of surety bonds that need to be kept for three years and administrative records that need to be kept for 10 years, all other corporate records need to be kept permanently. The category of administrative records typically includes audit reports and classified documents. Common examples of corporate records include annual reports, authority to issue securities, capital stock ledger, charters, constitutions, bylaws, contracts, corporate election records, incorporation records, stock transfers, insurance policies, patents, trademarks and copyrights.


My Monster are real!

Living within your means makes life pretty easy.
Re: Closing down my business [Re: cudaman1969] #3132577
03/27/23 12:18 AM
03/27/23 12:18 AM
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carnut68 Offline
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Originally Posted by cudaman1969
Originally Posted by carnut68
What kind of business, if you don't mind me asking?

Cabinets, millwork and general woodworking, (whatever $$ comes thru the door) I’m the accountant lol. I do have a tax guy, I do all the paperwork then hand to him and he fills out the forms. Sole proprietorship, one man band.
That's a tough business to be in right now. Good luck to you.


America First!
Re: Closing down my business [Re: carnut68] #3132636
03/27/23 10:00 AM
03/27/23 10:00 AM
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my own world
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can try to auction the stuff off shruggy

Re: Closing down my business [Re: theraif] #3132680
03/27/23 11:15 AM
03/27/23 11:15 AM
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Round Lake Beach, Illinoisy
Rhinodart Offline
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I am in the process of deciding what to keep from my parts business, 40 years of buying, selling, using Mopar parts and in a couple months the dumpsters will be brought in. I am only keeping records for the last 4 years, everything else will make an awesome bonfire... flame


The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

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A-Body's RULE!
Re: Closing down my business [Re: Rhinodart] #3132686
03/27/23 11:23 AM
03/27/23 11:23 AM
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Arlington, Texas
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Good luck in your future endeavours. up

Re: Closing down my business [Re: bobby66] #3132697
03/27/23 11:41 AM
03/27/23 11:41 AM
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fredericksburg,va
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cudaman1969 Offline OP
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Originally Posted by bobby66

Good luck in your future endeavours. up

If referring to me not much. I’ll be 74 this summer. Mainly finishing all the projects I have been on for 30 years. For a job I can run a mower at the golf course for $12 an hour plus free golf. A no brainer job, lol

Re: Closing down my business [Re: cudaman1969] #3132705
03/27/23 11:53 AM
03/27/23 11:53 AM
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Tulsa, Oklahoma
340Cuda Offline
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Originally Posted by cudaman1969
Originally Posted by bobby66

Good luck in your future endeavours. up

If referring to me not much. I’ll be 74 this summer. Mainly finishing all the projects I have been on for 30 years. For a job I can run a mower at the golf course for $12 an hour plus free golf. A no brainer job, lol


I am not a golfer but that sounds like a pretty good deal to me.

Enjoy, you have earned it!

Re: Closing down my business [Re: 340Cuda] #3132738
03/27/23 01:36 PM
03/27/23 01:36 PM
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fredericksburg,va
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cudaman1969 Offline OP
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Have to be there at 6:30, that will be tough for me

Re: Closing down my business [Re: cudaman1969] #3132742
03/27/23 01:46 PM
03/27/23 01:46 PM
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crackedback Offline
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2 words for you when selling PPE...

Depreciation Recapture

Re: Closing down my business [Re: theraif] #3132743
03/27/23 01:51 PM
03/27/23 01:51 PM
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South Bend
John Brown Offline
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Originally Posted by theraif
can try to auction the stuff off shruggy


Have a friend that owns several businesses and many properties chock full of inventory he has collected. He contacted an auction company that specializes in online auctions. Last year his first auction cleared the major amount off of the largest property, and brought in an unexpectedly large amount of money. The biggest plus to having the auction was that buyers removed the items and he didn't have to pay for labor for removal, and most all was removed within a week of the sale.


July 19th should be "Drive Like Rockford Day". R.I.P. Jimmie.
Re: Closing down my business [Re: carnut68] #3132754
03/27/23 02:21 PM
03/27/23 02:21 PM
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Posts: 12,422
Warren, MI
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Originally Posted by carnut68
Originally Posted by cudaman1969
Originally Posted by carnut68
What kind of business, if you don't mind me asking?

Cabinets, millwork and general woodworking, (whatever $$ comes thru the door) I’m the accountant lol. I do have a tax guy, I do all the paperwork then hand to him and he fills out the forms. Sole proprietorship, one man band.
That's a tough business to be in right now. Good luck to you.


I dont know. Theres a market for quality craftsmanship. Kinda different, but I'm having cedar shake replaced on my new (old) house. Guy qouted $20/ft on a 3000ft house. Thats just for labor. Then said $100/hr if any repairs or additional woodwork required. I've seen his work. He's an artist. Said he's 10weeks away from starting my job cause he's wrapping a 20,000sqft ranch. Said there is UNLIMITED work.

We have been looking at custom tables and live edge tables. Pricey. Some get to be 6 figures.


www.DetroitMuscleTechnologies.com Mopar body and heater box restoration gaskets
Re: Closing down my business [Re: John Brown] #3132781
03/27/23 04:00 PM
03/27/23 04:00 PM
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Posts: 1,149
Nor here, Nor there
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Originally Posted by John Brown
Originally Posted by theraif
can try to auction the stuff off shruggy


Have a friend that owns several businesses and many properties chock full of inventory he has collected. He contacted an auction company that specializes in online auctions. Last year his first auction cleared the major amount off of the largest property, and brought in an unexpectedly large amount of money. The biggest plus to having the auction was that buyers removed the items and he didn't have to pay for labor for removal, and most all was removed within a week of the sale.


Just saw on youtube an ex junkyard or collection being auctioned off. All rusty / well abused. Guy cleared $850,000

Re: Closing down my business [Re: Dart 500] #3132796
03/27/23 04:56 PM
03/27/23 04:56 PM
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Freeport IL USA
poorboy Offline
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When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit

For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.

Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good

Re: Closing down my business [Re: poorboy] #3132823
03/27/23 06:52 PM
03/27/23 06:52 PM
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fredericksburg,va
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cudaman1969 Offline OP
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Originally Posted by poorboy
When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit

For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.

Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good

lol same here.

Re: Closing down my business [Re: poorboy] #3132858
03/27/23 09:23 PM
03/27/23 09:23 PM
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Posts: 43,459
Round Lake Beach, Illinoisy
Rhinodart Offline
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Originally Posted by poorboy
When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit

For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.

Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good


I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! eek My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... mad


The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

JB Rhinehart, Realist

A-Body's RULE!
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