Individual:
3-Year Retention:
- Investment property, home purchase & home improvement receipts. (Period held plus 3 years).
- Insurance policies. (Life of policy plus 3 years).
- Credit card statements.
- Charitable contribution documentation.
- Diaries & logs pertaining to tax return.
- Investment information-Year-end brokerage statements, stock purchase and sale receipts. (Period held plus 3 years).
- Bank statements & canceled checks.
- Deposit slips.
- Receipts for all tax deductible expenses.
- Insurance policies-expired.
Individual:
Permanent Retention:
- Retirement plan & IRA annual reports.
- IRA nondeductible contributions-Form 8606.
- Divorce documents.
- Income tax returns and other documents relating to determination of income tax liability- (i.e. W2's, 1099's and notices).
- Legal correspondence.
- Deeds, mortgages and bills of sales.
Business:
3-Year Retention:
- Investment information-Year-end brokerage statements, stock purchase and sale receipts. (Period held plus 3 years).
- Bank statements & canceled checks.
- Deposit slips.
- Receipts for all tax deductible expenses.
- Insurance policies-expired.
- Computer back-ups of accounting data.
- Accounts receivable ledgers & schedules.
- Customer invoices and deposit records.
- Accounts payable ledgers & schedules.
- Vendor invoices & receipts.
- Physical inventory reports (year-end).
- Sales tax returns.
- Job folders.
Business:
5-Year Retention:
- Payroll tax returns & W2 copies.
- Timecards or timesheets.
- W4's & I9's signed by employees.
- Employee files.
Business:
Permanent Retention:
- Income tax returns and other documents relating to determination of income tax liability- (i.e. W2's, 1099's and notices).
- Legal correspondence.
- Deeds, mortgages and bills of sales.
- Contracts, licenses & leases.
- Employee benefit plans.
- Patents, trademarks and copyrights.
- Depreciation schedules.
- Chart of accounts.
- Corporate legal documents.
