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.
According to the IRS, hereâs how long you should keep those records: Permanently: 1  general ledgers and journals. 2  payroll records, including W-2s, 940s, 941s.3  year-end financial statements.4  tax returns and supporting documents. 5  articles of incorporation, bylaws, meeting minutes, etc. 6  retirement plan records.ost business owners donât know how long they should hold on to old records. According to the IRS, hereâs how long you should keep those records: Permanently: 1  general ledgers and journals. 2  payroll records, including W-2s, 940s, 941s. 3  year-end financial statements. 4  tax returns and supporting documents.