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4. Seven Year Rule for Record Retention(general rule). The rules on how long to keep financial records varies depending on what you are saving. For up to date tax filings, 7 years is a safe rule of thumb.Some people might say that is too long, but it is easier to follow this rule than to have to keep track how long you should keep different info.We suggest you keep tax returns for the life of your company. Scan them and save them both on and off site..or up to date tax filings, 7 years is a safe rule of thumb. Some people might say that is too long, but it is easier to follow this rule than to have to keep track how long you should keep different info. We suggest you keep tax returns for the life of your company. Scan them and save them both on and off site..
How long you should hang on to records; IF you â¦ THEN the period is â¦ File a return and the next 3 situations below do not apply to you: 3 years: Do not report income that you should and it is more than 25% of the gross income shown on your return: 6 years: File a fraudulent return: No limit: Do not file a return: No limit