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    Document Retention

    To guide you in minimizing your risks, here is a list of generally accepted, reasonable time periods recommended for retaining records.

    Choose business or individual.

    Accounts payable ledgers and schedules – 7 Years
    Accounts receivable ledgers and schedules – 7 Years
    Audit reports of accountants – Permanently
    Bank statements – 7 Years
    Bank reconciliations – 1 Year
    Benefit plans – Permanently
    Board minutes – Permanently
    Bylaws – Permanently
    Business licenses – Permanently
    Canceled checks – 7 Years
    Capital stock records – Permanently
    Cash books – Permanently
    Charts of accounts – Permanently
    Construction records – Permanently
    Contracts – Permanently
    Depreciation schedules – Permanently
    Electronic payment records – 7 Years
    Employee files (former employees) – 7 Years
    Employment applications – 3 Years
    Employment taxes – 7 Years
    Expense records – 7 Years
    Financial statements (annual) – Permanently
    Fixed asset purchases – Permanently
    General ledger – Permanently
    Insurance policies Life – +3 years
    Inventory records – 7 Years
    Leases/mortgages – Permanently
    Leasehold improvements – Permanently
    Loan payment schedules – 7 Years
    Payroll records – 7 Years
    Pension/profit sharing plans – Permanently
    Purchase orders – 7 Years
    Real estate purchases – Permanently
    Sales records – 7 Years
    Shareholder records – Permanently
    Tax returns – Permanently

    Bank statements and deposit slips – 7 Years
    Canceled checks supporting tax deductions – 7 Years
    Charitable contribution documentation – 7 Years
    Divorce documents – Permanently
    Estate planning documents – Permanently
    Home purchase documents – Permanently
    Home improvement receipts – Permanently
    IRA annual reports – Permanently
    Insurance policies Life of policy – +3 years
    Loans Term of loan – +7 years
    Mutual fund annual statements – 7 Years
    Retirement plan annual reports – Permanently
    Tax returns – 7 Years
    W-2s – 7 Years
    Year-end brokerage statements – 7 Years
    1099s – 7 Years

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