Business Record Retention

 

 

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)