 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Record Retention Guide
We have compiled a short list of the most common tax and financial records that an individual may need to keep and the time period that the records should be retained. Requirements for records kept electronically are the same as for paper records.
The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information on anything on tomparfittcpa.com, or for assistance with any of your tax, business, or financial strategy concerns, contact our offices.
Record |
Retention period |
1099's |
7 years |
Bank deposit slips |
7 years |
Bank statements |
7 years |
Cash Disbursement Journals |
7 years |
Cash Receipts Journals |
7 years |
Cancelled checks that support tax deductions |
7 years |
Charitable contribution documentation |
7 years |
Check stubs |
7 years |
Credit card statements |
7 years |
Dividend reinvestment records |
Ownership plus 7 years |
Divorce documents |
Permanent |
Estate planning documents |
Permanent |
Home improvement receipts and cancelled checks |
Ownership plus 7 years |
Home purchase documents |
Ownership plus 7 years |
Investment purchase and sales documents |
Ownership plus 7 years |
Investment property purchase documents |
Ownership plus 7 years |
IRA annual reports |
Permanent |
IRA nondeductible contributions (form 8606) |
Permanent |
Loans |
Term of loan plus 7 years |
Mutual fund annual statements |
Ownership plus 7 years |
Receipts and logs pertaining to tax returns |
7 years |
Retirement plan annual statements |
Permanent |
Tax Returns (simple) |
7 years |
Tax Returns (complex) |
Permanent |
W-2's |
7 years |
Year-end brokerage statements |
Ownership plus 7 years |
Recordkeeping and Reports
Your CPA designs recordkeeping and accounting systems to fit your personal and business financial needs. Your CPA also prepares other reports, tax returns and financial records, including reports to state and federal agencies.
