| How long should I keep my tax and business records? |
HOW LONG SHOULD I KEEP MY TAX AND BUISNESS RECORDS?
Recommended Document Retention
Permanent Records
These records should be maintained for 7 years after liquidation of the entity.
Corporate Bylaws, minutes and stock records
Partnership agreements and amendments
Operating agreements (LLC) and amendments
Financial statements
Tax returns
General Ledger and Journals
Long-term Records
These records should be maintained for period covered or ownership period plus 7 years.
Contracts and leases
Real estate records
Capital asset invoices and other records
Depreciation schedules
Employee personnel records
7 Year Records
Other business records used to determine income and expenses should be retained for six years from the later of the due date or filing date of the tax return.
Bank statements and deposits slips
Cancelled checks
Vendor invoices
Sales invoices and records
Employee expense reports
Employee payroll records
Inventory records
The recommended retention periods listed above are for tax reporting purposes and may not be appropriate for legal matters. We suggest you consult with your attorney or legal advisor for all legal issues. |
