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DOUBLE TAP TO ZOOM WITH PHONE OR TABLET Family Child Care Record-Keeping Guide The following are some guidelines for how long you should keep various kinds of records. However, we recommend saving records for a few years longer than is officially required, just to be on the safe side. • Keep all your canceled checks and bank deposit slips for at least three years. • Save for four years any payroll records associated with hiring employees. • Keep records of all depreciated items (such as furniture, appliances, computers, large play equipment, and so on) for the life of the item, plus three years. (For more information, see the Family Child Care Tax Workbook and Organizer.) • Save copies of all the forms that you have filed with your tax returns for your lifetime. • Save any records that are associated with your home (purchase and sale agreements, improvements, repairs, landscaping, and so on) for your lifetime, since they may affect the taxes on your estate. Finally, check with your state department of revenue to see if you must save your state income tax records for a longer period than described above. Some states, for example, require you to save your tax records for four years. If this is true for your state, you will also need to keep copies of your federal tax forms and business records for the same period. 26 COPYRIGHTED MATERIAL