Record Retention Guide for Businesses

In business, good record-keeping is essential not only for tax reporting purposes but also for the success of the company.  The guidelines above give retention periods for the most common business records.  Call us if you’d like more information or assistance with your record retention program.

Record Retention Guide for Individuals

Good record-keeping can cut your taxes and make your financial life easier.  How long to keep records is a combination of judgment and state and federal statutes of limitations.  Since federal tax returns can generally be audited for up to three years after filing and up to six years if the IRS suspects major under-reported income, it’s wise to keep tax records at least seven years after a return is filed.  Requirements for records kept electronically are the same as for paper records.

Generally, follow these recommended retention periods for various documents.