Business Records Document Retention Period
Accounts payable ledgers & schedule – 8 years
Accounts receivable ledgers & schedules – 8 years
Bank statements – 8 years
Capital stock records – Permanently
Checks (relating to tax payments, fixed asset purchases, etc.) – Permanently
Checks (except those noted above) – 8 years
Contracts & leases (expired) – Permanently
Deeds, mortgages, etc. – Permanently
Deposit slips – 3 years
Depreciation schedules – Permanently
Employee records (post termination) – 7 years
Employee applications – 3 years
Expense reports – 7 years
Financial statements (year-end) – Permanently
General ledgers – Permanently
Insurance policies – 10 years
Inventory records – Permanently
Invoices to customers or from vendors – 7 years
IRA/Keogh & retirement plan documentation – Permanently
Minute books of the corporation – Permanently
Payroll records – 7 years
Tax Returns – Permanently
Purchase orders – 7 years
Receiving records – 1 year
Safety records – 6 years
Sales records – Cash – 7 years
Sales records – Charge – 10 years
Subsidiary ledgers – Permanently
Tax returns, reports of government agencies – Permanently
Time cards – 7 years
Trademark registration, patents & copyrights – Permanently
W-2 Forms – Permanently
Please be aware that this is a general retention policy only. Many businesses are subject to additional regulatory requirements from professional organizations and state and federal agencies.
Individual Records Document Retention Period
Bank Statements – Three years, unless needed for tax records
Canceled Checks – Three years
Charitable Contributions – Keep with applicable tax return
Credit Purchase Receipts – Discard after purchase appears on credit card statement if not needed for warranties, merchandise returns or taxes
Credit Card Statements – Discard after payment appears on credit card statement
Employee Business Expense Records – Keep with applicable tax return
Health Insurance Policies – Keep until policy expires, lapses or is replaced or until pending claims are fully paid
Home & Property Insurance – Keep until policy expires, lapses or is replaced or until pending claims are fully paid
Income Tax Returns & Records – Permanently
Investment Annual Statements & 1099′s – Keep with applicable tax return
Investment Sale & Purchase Confirmation Records – Discard sale confirmation records when the transactions are correctly reflected on the monthly statement. Keep purchase confirmation records three to six years after investment is sold as evidence of cost
Life Insurance – Keep until there is no chance of reinstatement. Discard premium receipts when notices reflect payment
Medical Records – Permanently
Medical Expense Records – Keep with applicable tax return if deducted
Military Papers – Permanently (may be required for possible veteran’s benefits)
Individual Retirement Account Records – Permanently
Retirement Plan Statements – Three to six years. Keep year-end statements permanently
Passports – Until expiration
Pay Stubs – One year, discard all but final, cumulative pay stubs for the year
Personal Certificates (birth/death, marriage/divorce, religious ceremonies) – Permanently
Real Estate Documents – Keep three to six years after property has been disposed of and taxes have been paid
Residential Records (copies of purchase related documents, annual mortgage statements, receipts for improvements and copies of rental leases/receipts) – Indefinitely
Social Security Statements – Discard when current records of payments into the Social Security system are received
Warranties & Receipts – Discard expired warranties
Wills – Keep current Will permanently or until rendered obsolete (by a new version)