Lynwood, California - Basic Facts. The City of Lynwood had a population of 72,011 as of July 1, 2016. Lynwood ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in California.
Scanning the information gives you an electronic backup of the paper indefinitely. Keep returns and all supporting documentation at least seven years. The IRS can audit your return for up to three years from your filing date, a limit applying only to good-faith errors.
While Leeds says there are financial documents you should keep for life, most can be held three years or less. Here are some quick guidelines on how long to hold the most common small business financial documents: Safe to Shred Unless it shows proof of a deductible expense, many documents and receipts can be shredded monthly or annually, says Leeds.