Record Retention: Are You Doing it Right?January 04, 2016
Starting the New Year with a clean desk is helpful, but make sure you are holding on to certain records for the required amount of years.
It’s a new year and you’ve got the urge to clean out your files. Wondering if you should hold on to your sales receipts, credit card statements, medical bills, etc.? There are various rules for individuals and businesses on how long specific documents should be kept, so be sure you’re aware of what you should be holding on to before you go ahead and throw things away.
What should I keep?
- Credit card statements should be kept for 4 years
- Copies of income tax returns should be kept permanently.
- Pay stubs should be kept until reconciled with your W-2
- You should keep sales receipts for the life of the warranty, and the warranty should be kept for the life of the product.
- Wills and other legal records should be kept permanently.
- Deeds and mortgages should be kept permanently.
- Internal audit reports should be held onto for 4 years.
- Keep tax related medical bills for 7 years.
- Real estate property records should be kept permanently.
- Insurance Records should be kept for good.
Download our Record Retention Guide for full guide on what you should be keeping or throwing away this year.
Questions? Contact us.