People now get one to two hours less sleep each night, on average, compared to 60 years ago. A primary reason for this is the proliferation of electronics, which also allows us to work (and play) later than ever before.
The Internal Revenue Service requires that individuals be able to produce records proving any income, deductions or credit claimed for at least three years from the date of a return, the statute of limitations for how long the I.R.S. has to assess additional tax if all income was reported correctly.
Income Tax Records. The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited. If you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files. If that's not possible, tax records should be kept for seven years to account for most scenarios where the records might be needed. Payroll Tax Records The IRS recommends businesses keep all employment tax returns, substantiating documents and proof of withholding tax payments for at least four years after the return was filed or the taxes were paid, whichever is later.