GENERAL GUIDELINES FOR THE RETENTION OF YOUR PERSONAL AND BUSINESS RECORDS

When in doubt do not destroy until seven years from the date you filed your tax return.

BUSINESS RECORDS

Record Description Retention Period
General ledger, expense support records, inventory records, sales records, purchase orders, accounts payable and accounts receivable support, loan payment schedules, bank statements and cancelled checks, payroll records, employment taxes, employee files of terminated employees  7 years
Bank reconciliations, Employment applications, 3 years
Insurance policies, minor contracts, lease payment records Life of contract + 4 years
Audit reports and annual financial statements, Depreciation schedules, fixed asset purchases, tax returns, board minutes, business licenses, Bylaws, major contracts, leases, mortgages, patents/trademarks, shareholder and stock records, Pension/profit sharing and other employee benefit plans, real estate purchases, improvements or construction records Permanently retain

 

Personal Records

When in doubt do not destroy until seven years from the date you filed your tax return.

Bank statements, deposit slips, cancelled checks, tax returns, W-2s, 1099s, charitable contribution support, credit card statements, mileage logs, receipts used as a tax deduction, appointment calendars,  7 years
Mutual fund and investment statements, dividend reinvestment records, year-end statements from your broker, purchase documents for investment property, home purchase documents, loans, home improvement receipts and cancelled checks, Keep these until 7 years after you no longer own these items