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The data retention policies within an organization are a set of guidelines that describes which data will be archived, how long it will be kept, what happens to the data at the end of the retention period (archive or destroy) and other factors concerning the retention of the data. [6]
In most cases, you should keep the stubs of your bill payments for at least one month before tossing them. The exception is when you need a copy of the bill for tax purposes.
You can keep your tax documents in a fireproof safe or a bank’s safe deposit box. But to conserve space, consider scanning your tax-related documents and saving them to an external hard drive or ...
Data must remain available in the long term. At present, a growing problem is the time taken to reproduce an archive, for instance following a hardware or system upgrade. Since the sheer volume of archive data continues to grow, new hardware is always required to maintain the archive and so regular migration of data to a new system must be ...
In contrast, data holdings are collections of gathered data that are informally kept, and not necessarily prepared for long-term preservation. For example, a collection or back-up of personal files. Data holdings are generally the storage methods used in the past when data has been lost due to environmental and other historical disasters. [4]
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The general rule is to keep your tax records for three years, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer.