We have compiled a list of the most common tax and financial records that a business or an individual may need to keep and guidelines for how long the records should be retained.
The information contained in this site is of a general nature and may not be applicable to you. Please call our office for specific guidance regarding your situation.
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Businesses
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Individuals
Businesses
Keep One Year
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Businesses
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Correspondence with customers or vendors
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Duplicate deposit slips
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Purchase orders (except purchasing department copies)
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Receiving sheets
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Requisitions
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Stenographer’s notebooks
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Stockroom withdrawal forms
Keep Three Years
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General correspondence
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Employee personnel records (after termination)
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Employment applications
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Expired insurance policies
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Internal audit reports
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Internal reports
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Petty cash vouchers
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Physical inventory tags
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Savings bond registration records of employees
Keep Seven Years
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Accident reports and claims
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Accounts payable ledgers and schedules
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Accounts receivable ledgers and schedules
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Cancelled checks
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Expired contracts and leases
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Expense analysis and expense distribution schedules
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Inventories of products, materials and supplies
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Invoices to customers
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Notes receivable ledgers and schedules
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Expired option records
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Payroll records and summaries, including payments to pensioners
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Plant cost ledgers
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Purchasing department copies of purchase orders
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Sales records
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Cancelled stock and bond certificates
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Subsidiary ledgers
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Time books
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Voucher register and schedules
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Voucher for payments to vendors, employees, etc.
Keep Permanently
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Audit reports of accountants
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Cash books, charts of accounts
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Cancelled checks for important payments
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Contracts and leases still in effect
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Correspondence on legal and other important matters
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Deeds
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Mortgage and bills of sale
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Depreciation schedules
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Financial statements (end-of-year)
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General ledgers (and end-of-year trial balances)
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Insurance records, current accident reports, claims, policies
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Journals
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Minute books of directors and stockholders
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Property appraisals by outside appraisers
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Property records
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Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability
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Trademark registrations
Individuals
Keep One Year
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While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.
Keep Three Years
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Credit Card Statements
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Medical Bills (in case of insurance disputes)
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Utility Records
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Expired Insurance Policies
Keep Seven Years
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Supporting Documents For Tax Returns
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Accident Reports and Claims
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Medical Bills (if tax-related)
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Property Records / Improvement Receipts
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Sales Receipts
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Wage Garnishments
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Other Tax-Related Bills
Keep Permanently
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CPA Audit Reports
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Legal Records
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Important Correspondence
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Income Tax Returns
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Income Tax Payment Checks
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Investment Trade Confirmations
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Retirement and Pension Records
Special Circumstances
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Car Records (keep until the car is sold)
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Credit Card Receipts (keep until verified on your statement)
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Insurance Policies (keep for the life of the policy)
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Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
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Pay Stubs (keep until reconciled with your W-2)
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Property Records / improvement receipts (keep until property sold)
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Sales Receipts (keep for life of the warranty)
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Stock and Bond Records (keep for 6 years beyond selling)
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Warranties and Instructions (keep for the life of the product)
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Other Bills (keep until payment is verified on the next bill)
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Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
