Suggested Record Retention Guide

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.

For 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

For 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)