Do You Know What To Keep?
Do You Know What To Keep? What "Personal" files should be retained for tax assessment and for how long?
These are popular questions we hear from people, especially business owners. We thought it might be good to give you a few suggestions:
Personal Documents To Keep For One Year
Paycheck Stubs (reconcile with W-2)
Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)
Personal Documents To Keep For Three Years
Credit Card Statements
Medical Bills (in case of insurance disputes)
Expired Insurance Policies
Personal Documents To Keep For Six Years
Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Property Records / Improvement Receipts
Other Tax-Related Bills
Personal Records To Keep Forever
CPA Audit Reports
Income Tax Returns
Income Tax Payment Checks
Investment Trade Confirmations
Retirement and Pension Records
Car Records (keep until the car is sold)
Credit Card Receipts (keep with your credit card statement)
Insurance Policies (keep for the life of the policy)
Mortgages/Deeds/Leases (keep 6 years beyond the agreement)
Pay Stubs (keep until reconciled with your W-2)
Property Records/Improvement receipts (keep until property is sold)
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Warranties and Instructions (keep for the life of the product)
Other Bills (keep until payment is verified on the next bill)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
Using the information above should keep you in a good position when it is time to pull information together for yearly federal, state and city tax filing.
Continued Success To You!
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