Too much paper?

Invoices. Receipts. Every business has them, and it's important to keep adequate records. But how long should you keep them?

It depends...

The general rule of thumb is to keep records to support income tax return deductions for seven years. If your business has other regulatory requirements, the record retention rules may differ. But for tax purposes, if you keep documentation to support deductions on your income tax return, seven years will cover most circumstances.