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Useful Information
Record Retention Schedule for Individuals and Small Businesses*

          Document          Time Preserved
Accident Reports (after settlement) 7 years
   
Accounts Receivable/Payable, loans 7 years
   
Bank statements, deposit slips, cancelled checks 6 years
Bank reconciliation's 6 years
   
Broker's statements, stocks, bonds, mutual funds transactions - after sale of investment 6 years
   
Cancelled checks Generally 7 years - for important transactions – forever
   
Contracts 7 years after expiration
   
Correspondence – general 3 Years
Correspondence – special transactions Forever
   
Deeds, titles, escrows Forever
   
Depreciation & fixed asset schedules With tax returns
   
Filed documents: Birth certificates, marriage certificates, decree of divorce Forever
   
General ledgers, trial balances, financial statements
(year-end)
With tax returns
   
Household bills, (non-deductible) 1 year
Household expenditures (if deductible) 6 years
   
Income Tax Returns Forever
Tax Correspondence With tax return for that year
   
Legal agreements, contracts, insurance policies 6 years after expiration
   
Income Records: W-2's, 1099's, journals, books 6 years
   
Insurance policies 3 years after expiration
   
Reports: Expense reimbursements, contributions, etc, 6 years
   
Payroll records – employee files 7 years
   
Permits, professional licenses, etc Forever
   
Mortgage and lease information 6 years
   
Minute books of directors meetings Forever
   
*There is no official government listing for the above. This list has been compiled from the best available information from various unofficial governmental and legal sources.

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