document.write('Storing tax records: How long is long enough?
April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But wha');
document.write('t should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is cal');
document.write('led the "three-year law" and leads many people to believe they\'re safe provided they retain their documents fo');
document.write('r this period of time.
However, if the IRS believes you have significantly underreport');
document.write('ed your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an aud');
document.write('it. To be safe, use the following guidelines.
');
document.write(' | Caution: Identity theft is a serious threat in today\'s world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you must dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash. | |
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document.write('Business Document To Keep For One Year
- Corresponden');
document.write('ce with Customers and Vendors
- Duplicate Deposit Slips
- Purchase Orders (other than Purchasing Department copy)
- Receiving Sheets
- Requisitions
- Stenographer\'s Notebooks
Stockroom Withdrawal Forms
Business Doc');
document.write('uments To Keep For Three Years
- Bank Statements and Reconciliation\'s
- Employee Personnel Records (after termination)
- Employment');
document.write(' Applications
- Expired Insurance Policies
- General');
document.write(' Correspondence
- Internal Audit Reports
- Internal ');
document.write('Reports
- Petty Cash Vouchers
- Physical Inventory T');
document.write('ags
- Savings Bond Registration Records of Employees
- Time Cards For Hourly Employees
Business Documents To Kee');
document.write('p For Six Years
- Accident Reports, Claims
- ');
document.write('Accounts Payable Ledgers and Schedules
- Accounts Receivable Ledgers and Schedules
- Cancelled Checks
- Cancelled Stock and Bond Certifica');
document.write('tes
- Employment Tax Records
- Expense Analysis and ');
document.write('Expense Distribution Schedules
- Expired Contracts, Leases
- Expired Option Records
- Inventories of Products, Materials, Supplies<');
document.write('/li>
- Invoices to Customers
- Notes Receivable Ledgers, Schedul');
document.write('es
- Payroll Records and Summaries, including payment to pensioners
- <');
document.write('font class="text">Plant Cost Ledgers
- Purchasing Department Copies of Purchase Orders');
document.write('
- Sales Records
- Subsidiary Ledgers
<');
document.write('li>Time Books- Travel and Entertainment Records
- <');
document.write('font class="text">Vouchers for Payments to Vendors, Employees, etc.
- Voucher Register');
document.write(', Schedules
Business Records To Keep Forever
While federal guidelines do not require you to keep tax records "forever," in man');
document.write('y cases there will be other reasons you\'ll want to retain these documents indefinitely.
- Audit Reports from CPAs/Accountants
- Cancelled Checks for Important Payments (');
document.write('especially tax payments)
- Cash Books, Charts of Accounts
- Contracts, Leases Currently in Effect
- Corporate Documents (incorporation, ch');
document.write('arter, by-laws, etc.)
- Documents substantiating fix');
document.write('ed asset additions
- Deeds
- Depreciation Schedules<');
document.write('/font>
- Financial Statements (Year End)
- General and Priv');
document.write('ate Ledgers, Year End Trial Balances
- Insurance Records, Current Accident Reports, Cl');
document.write('aims, Policies
- Investment Trade Confirmations
- IR');
document.write('S Revenue Agents\' Reports
- Journals
- Legal Records');
document.write(', Correspondence and Other Important Matters
- Minutes Books of Directors and Stockhol');
document.write('ders
- Mortgages, Bills of Sale
- Property Appraisal');
document.write('s by Outside Appraisers
- Property Records
- Retirem');
document.write('ent and Pension Records
- Tax Returns and Worksheets
- Trademark and Patent Registrations
Personal Document To K');
document.write('eep For One Year
- While it\'s important to keep year-end mutual fund and IRA contri');
document.write('bution statements forever, you don\'t have to save monthly and quarterly statements once the year-end statement has arri');
document.write('ved.
Personal Documents To Keep For Three Years
- Credit Card Statements
- Medical Bills (in case of insu');
document.write('rance disputes)
- Utility Records
- Expired In');
document.write('surance Policies
Personal Documents To Keep For Six Ye');
document.write('ars
- Supporting Documents For Tax Returns
- ');
document.write('Accident Reports and Claims
- Medical Bills (if tax-related)
- Property Records / Improvement Receipts
- Sales Receipts
- <');
document.write('font class="text">Wage Garnishments
- Other Tax-Related Bills
');
document.write('Personal Records To Keep Forever
- CP');
document.write('A Audit Reports
- Legal Records
- Important Correspo');
document.write('ndence
- Income Tax Returns
- Income Tax Payment Che');
document.write('cks
- Investment Trade Confirmations
- Retirement an');
document.write('d Pension Records
Special Circumstances
');
document.write('
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