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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 business and personal financial affairs. Your CPA also prepares
other financial records and reports, including reports to state and federal
agencies.
Time is money.
-Benjamin Franklin (1706 - 1790) |
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