How long should I keep my small business records?

How long should I hold on to records pertaining to do with my small business?. These are records include -payroll, sales, purchases, cash disbursements, etc.

The IRS generally focuses on self-employed travel and entertainment expenses, scrutinizing returns to make sure all the expenses are really related to the business and can be proven. In these cases, complete and accurate contemporaneous records need to be kept until the audit threat passes.

Unlike personal bank statements, business financial account records should be kept permanently. Similarly, anyone who has employees should hang on to employment information and related tax returns for as long as the business is running. And retain articles of incorporation, company bylaws, stockholder minutes, and trademark and copyright applications.