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Your taxteam
Home
About
Tax Center
  • Track Your Refund
  • Tax Due Dates
  • Tax Rates
  • Tax Forms & Publications
  • Real Estate Hub
  • Record Retention Guide
  • State Tax Forms
Client Portal Access
Contact
Free eBooks!
Cost Segregation Study
Terms and Privacy Policy
More
  • Home
  • About
  • Tax Center
    • Track Your Refund
    • Tax Due Dates
    • Tax Rates
    • Tax Forms & Publications
    • Real Estate Hub
    • Record Retention Guide
    • State Tax Forms
  • Client Portal Access
  • Contact
  • Free eBooks!
  • Cost Segregation Study
  • Terms and Privacy Policy
  • Home
  • About
  • Tax Center
    • Track Your Refund
    • Tax Due Dates
    • Tax Rates
    • Tax Forms & Publications
    • Real Estate Hub
    • Record Retention Guide
    • State Tax Forms
  • Client Portal Access
  • Contact
  • Free eBooks!
  • Cost Segregation Study
  • Terms and Privacy Policy

How Long Should You Keep Your Records?

Businesses Records

  • Correspondence with Customers and Vendors: 1 Year
  • Duplicate Deposit Slips: 1 Year
  • Purchase Orders (other than Purchasing Department copy): 1 Year
  • Receiving Sheets: 1 Year
  • Requisitions: 1 Year
  • Stenographer's Notebooks: 1 Year
  • Stockroom Withdrawal Forms: 1 Year

Employee Records (After Termination)

  • Employee Personnel Records: 3 Years
  • Employment Applications: 3 Years
  • Expired Insurance Policies: 3 Years
  • General Correspondence: 3 Years
  • Internal Audit Reports: 3 Years
  • Internal Reports: 3 Years
  • Petty Cash Vouchers: 3 Years
  • Physical Inventory Tags: 3 Years
  • Savings Bond Registration Records of Employees: 3 Years
  • Time Cards for Hourly Employees: 3 Years

Business Records (Continued)

  • Accident Reports, Claims: 6 Years
  • Accounts Payable Ledgers and Schedules: 6 Years
  • Accounts Receivable Ledgers and Schedules: 6 Years
  • Bank Statements and Reconciliations: 6 Years
  • Cancelled Checks: 6 Years
  • Cancelled Stock and Bond Certificates: 6 Years
  • Employment Tax Records: 6 Years
  • Expense Analysis and Expense Distribution Schedules: 6 Years
  • Expired Contracts, Leases: 6 Years
  • Expired Option Records: 6 Years
  • Inventories of Products, Materials, Supplies: 6 Years
  • Invoices to Customers: 6 Years
  • Notes Receivable Ledgers, Schedules: 6 Years
  • Payroll Records and Summaries, including payment to pensioners: 6 Years
  • Plant Cost Ledgers: 6 Years
  • Purchasing Department Copies of Purchase Orders: 6 Years
  • Sales Records: 6 Years
  • Subsidiary Ledgers: 6 Years
  • Time Books: 6 Years
  • Travel and Entertainment Records: 6 Years
  • Vouchers for Payments to Vendors, Employees, etc.: 6 Years
  • Voucher Register, Schedules: 6 Years
  • Audit Reports from CPAs/Accountants: Forever
  • Cancelled Checks for Important Payments (especially tax payments): Forever
  • Cash Books, Charts of Accounts: Forever
  • Contracts, Leases Currently in Effect: Forever
  • Corporate Documents (incorporation, charter, by-laws, etc.): Forever
  • Documents substantiating fixed asset additions: Forever
  • Deeds: Forever
  • Depreciation Schedules: Forever
  • Financial Statements (Year End): Forever
  • General and Private Ledgers, Year End Trial Balances: Forever
  • Insurance Records, Current Accident Reports, Claims, Policies: Forever
  • Investment Trade Confirmations: Forever
  • IRS Revenue Agents' Reports: Forever
  • Journals: Forever
  • Legal Records, Correspondence and Other Important Matters: Forever
  • Minute Books of Directors and Stockholders: Forever
  • Mortgages, Bills of Sale: Forever
  • Property Appraisals by Outside Appraisers: Forever
  • Property Records: Forever
  • Retirement and Pension Records: Forever
  • Tax Returns and Worksheets: Forever
  • Trademark and Patent Registrations: Forever

Personal Records

  • Bank Statements: 1 Year
  • Paycheck Stubs (reconcile with W-2): 1 Year
  • Canceled Checks: 1 Year
  • Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year-end statement): 1 Year
  • Credit Card Statements: 3 Years
  • Medical Bills (in case of insurance disputes): 3 Years
  • Utility Records: 3 Years
  • Expired Insurance Policies: 3 Years
  • CPA Audit Reports: Forever
  • Legal Records: Forever
  • Important Correspondence: Forever
  • Income Tax Returns: Forever
  • Income Tax Payment Checks: Forever
  • Investment Trade Confirmations: Forever
  • Retirement and Pension Records: Forever

Supporting Documents for Tax Returns

  • Accident Reports and Claims: 6 Years
  • Medical Bills (if tax-related): 6 Years
  • Property Records / Improvement Receipts: 6 Years
  • Sales Receipts: 6 Years
  • Wage Garnishments: 6 Years
  • Other Tax-Related Bills: 6 Years

Special Circumstances

  • Car Records (keep until the car is sold)
  • Credit Card Receipts (keep with your credit card statement)
  • Insurance Policies (keep for the life of the policy)
  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
  • Pay Stubs (keep until reconciled with your W-2)
  • Property Records / improvement receipts (keep until property sold)
  • Sales Receipts (keep for the life of the warranty)
  • Stock and Bond Records (keep for 6 years beyond selling)
  • Warranties and Instructions (keep for the life of the product)
  • Other Bills (keep until payment is verified on the next bill)
  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

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