Sarasota Bookkeepers

 

​Tel: 941-677-8297
Email: srqtaxes@gmail.com


Address​​​​​​: 1491 2nd Street, Suite B, Sarasota, FL

 

© 2011 by Sarasota Bookkeepers

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)