How long do I need to keep records?
Record Retention
In business, good record keeping is essential not only for tax reporting purposes but also for the success of the company. The guidelines below give retention periods for the most common business records.
In business, good record keeping is essential not only for tax reporting purposes but also for the success of the company. The guidelines below give retention periods for the most common business records.
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Accounting Records
Accounts Payable Accounts Receivable Audit Reports Chart of Accounts Depreciation Schedules Expense Records Financial Statements (annual) Fixed Asset Purchases General Ledger Inventory Records Inventory Records (LIFO) Loan Payment Schedules Purchase Orders (one copy) Sales Records Tax Returns Bank Records Bank Reconciliations Bank Statements Canceled Checks Canceled Checks (Real Estate Purchases) Electronic Payment Records Corporate Records Board Minutes Permanent Bylaws Business Licenses Contracts - Major Contracts - Minor Insurance Policies Leases/Mortgages Patents/Trademarks Shareholder Records Stock Registers Stock Transactions Employment Records Benefit Plans Employee files (ex-employees) Employment Applications Employment Taxes Payroll Records Pension/Profit Sharing Plans Real Property Records Construction Records Leasehold Improvements Lease Payment Records Real Estate Purchases Other Records Tax Returns (uncomplicated) Tax returns (all others) W-2's 1099's Cancelled Check Supporting Tax Deduction Bank Deposit Slips Bank Statements Charitable Contribution Document Receipts, Diaries, Logs pertaining Tax Return Credit Card Statements Retirement Plan Annual Reports IRA Annual Reports IRA Nondeductible Contributions Form 8606 Loans Insurance Policies Divorce Documents Estate Planning Documents Investment Purchase and Sales Slips Dividend Reinvestment Records Year-End Brokerage Statements Mutual Fund Annual Statements Investment Property Purchase Documents Home Purchase Documents Home Improvements Rcpts and Cancelled Ck. Home Repairs Receipts and Cancelled Ck. |
Retain
7 years 7 years Permanent Permanent Permanent 7 years Permanent Permanent Permanent 7 years Permanent 7 years 7 years 7 years Permanent Retain: 2 years 7 years 7 years Permanent 7 years Retain: Permanent Permanent Permanent Life + 4 years Life + 3 years Permanent Permanent Permanent Permanent Permanent Retain: Permanent 7 years or statute of limitations for employee lawsuits 3 years 7 years 7 years Permanent Retain: Permanent Permanent Life + 4 years Permanent Retain: 7 years Permanent 7 years 7 years 7 years 7 years 7 years 7 years 7 years 7 years Permanent Permanent Permanent Term of Loan + 7 years Life of Policy + 3 years Permanent Permanent Ownership Period + 7 years Ownership Period + 7 years Ownership Period + 7 years Ownership Period + 7 years Ownership Period + 7 years Ownership Period + 7 years Ownership Period + 7 years Warranty Period for Item |
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