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Record Retention


Business documents - Keep 7 years

  • Business supporting tax preparation documents

  • Business bank/credit card statements

  • Business retirement account statements Possibly longer if you have employees

Seven years or until you feel conflicting parties of the transaction(s) agree

  • Bank statements and reconciliations

  • Insurance records from current policies

  • Investment trade statements

  • Annual statements

  • Medical bills

  • Supporting documents for the tax return

  • Accident reports and claims

  • Accounts payable and receivable ledgers, schedules, and support (invoices)

  • Cancelled checks, stock and bond certificates

  • Employment tax records


  • Audit and legal reports

  • Income tax returns

  • Retirement and pension records

  • Chart of Accounts

  • Major contracts

  • Corporation documents

  • Deed

  • Property improvement receipts and records

  • Financial statements

One year or until you feel that all parties of the transaction(s) agree

  • Customer and vendor correspondence

  • Open purchase orders

  • Monthly and quarterly statements once year-end statements arrive

Special circumstances

  • Car records - when a car is sold

  • Invoice receipts - until verified on the statement

  • Insurance policies - kept for the life of the policy

  • Mortgages, deeds, and leases - 6 years

  • Other bills - until payment is verified on the next bill

  • Sales receipts - until warranty period has expired

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