We often get asked by clients how long to keep their paper records. Here’s a good list:
Three Years (from Date of Filing Return or Due Date of Return, Whichever Is Later)
- Bank deposit slips
- Cancelled checks
- Daily sales records
- Entertainment records
- Expense reports
- Paid vendor invoices
- Written acknowledgment from charity for contributions of $250 or more
Six Years
- Auto mileage logs
- Bank statements
- Contracts (after expiration)
Records to Retain Permanently
- Annual financial statements
- Corporate stock records
- Partnership/LLC agreement and amendments
- Operating agreement and amendments
- General ledger and journals
- Real estate records
- Tax returns
- Copy C of Form W-2 (until you begin receiving Social Security benefits)
- LIFO inventory records
Other
- Depreciation schedules (three years after disposal of asset)
- Meeting minutes (life of company)
- IRA contribution and distribution records (three years after final distribution)
See IRS Tax Topic 305 for more information. As always, we’re happy to answer your questions so Contact Us anytime.
