A well-crafted tax plan isn’t just about saving money—it’s about having control over your financial future. Let us help you plan smarter and keep more of what you earn.
The information contained in this site is of a general nature and may not be applicable to you. Please call our office for specific guidance regarding your situation.
For Businesses:
Keep for One Year:
- Bank reconciliations
- Correspondence with customers or vendors
- Duplicate deposit slips
- Purchase orders (excluding purchasing department copies)
- Receiving sheets
- Requisitions
- Stockroom withdrawal forms
Keep for Three Years:
- General correspondence
- Employee personnel records (post-termination)
- Employment applications
- Expired insurance policies
- Internal audit reports
- Internal reports
- Petty cash vouchers
- Physical inventory tags
- Savings bond registration records of employees
Keep for Seven Years:
- Accident reports and claims
- Accounts payable and receivable ledgers
- Cancelled checks
- Expired contracts and leases
- Expense analysis and distribution schedules
- Inventories of products, materials, and supplies
- Invoices to customers
- Payroll records and summaries
- Sales records
Keep Permanently:
- Audit reports
- Cash books
- Cancelled checks for significant payments
- Contracts and leases in effect
- Legal correspondence
- Deeds, mortgages, bills of sale
- Depreciation schedules
- Financial statements
- General ledgers
- Insurance records
- Tax returns and worksheets
- Trademark registrations
For Individuals:
Keep for One Year:
- Year-end mutual fund and IRA contribution statements
Keep for Three Years:
- Credit card statements
- Medical bills (for potential insurance disputes)
- Utility records
- Expired insurance policies
Keep for Six Years:
- Supporting documents for tax returns
- Accident reports and claims
- Medical bills (if related to taxes)
- Property records/improvement receipts
- Sales receipts
- Wage garnishments
- Other tax-related bills
Keep Permanently:
- CPA audit reports
- Legal records
- Important correspondence
- Income tax returns and payment checks
- Investment trade confirmations
- Retirement and pension records
Special Circumstances:
- Car records (until sold)
- Credit card receipts (until verified on statement)
- Insurance policies (throughout policy life)
- Mortgages/deeds/leases (6 years beyond agreement)
- Pay stubs (until reconciled with W-2)
- Property records/improvement receipts (until property sold)
- Sales receipts (throughout warranty period)
- Stock and bond records (6 years beyond sale)
- Warranties and instructions (throughout product life)
- Other bills (until payment verified)
- Depreciation schedules and capital asset records (3 years after asset's tax life)