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.

 

• Businesses

• Individuals

 

Businesses

​

Keep One Year

• Bank reconciliations

• Correspondence with customers or vendors

• Duplicate deposit slips

• Purchase orders (except purchasing department copies)

• Receiving sheets

• Requisitions

• Stenographer's notebooks

• Stockroom withdrawal forms

​

Keep Three Years

• General correspondence

• Employee personnel records (after termination)

• Employment applications

• Expired insurance policies

• Internal audit reports

• Internal reports

• Petty cash vouchers

• Physical inventory tags

• Savings bond registration records of employees

​

Keep Seven Years

• Accident reports and claims

• Accounts payable ledgers and schedules

• Accounts receivable ledgers and schedules

• Cancelled checks

• Expired contracts and leases

• Expense analysis and expense distribution schedules

• Inventories of products, materials and supplies

• Invoices to customers

• Notes receivable ledgers and schedules

• Expired option records

• Payroll records and summaries, including payments to pensioners

• Plant cost ledgers

• Purchasing department copies of purchase orders

• Sales records

• Cancelled stock and bond certificates

• Subsidiary ledgers

• Time books

• Voucher register and schedules

• Voucher for payments to vendors, employees, etc.

​

Keep Permanently

• Audit reports of accountants

• Cash books, charts of accounts

• Cancelled checks for important payments

• Contracts and leases still in effect

• Correspondence on legal and other important matters

• Deeds

• Mortgage and bills of sale

• Depreciation schedules

• Financial statements (end-of-year)

• General ledgers (and end-of-year trial balances)

• Insurance records, current accident reports, claims, policies

• Journals

• Minute books of directors and stockholders

• Property appraisals by outside appraisers

• Property records

• Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability

• Trademark registrations

 

Individuals

​

Keep One Year

• 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

• Credit Card Statements

• Medical Bills (in case of insurance disputes)

• Utility Records

• Expired Insurance Policies

​

Keep Six Years

• Supporting Documents For Tax Returns

• Accident Reports and Claims

• Medical Bills (if tax-related)

• Property Records / Improvement Receipts

• Sales Receipts

• Wage Garnishments

• Other Tax-Related Bills

​

Keep Permanently

• CPA Audit Reports

• Legal Records

• Important Correspondence

• Income Tax Returns

• Income Tax Payment Checks

• Investment Trade Confirmations

• Retirement and Pension Records

​

Special Circumstances

• Car Records (keep until the car is sold)

• Credit Card Receipts (keep until verified on your 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 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)