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Author: Ron Leyva

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Have you ever wondered how long to keep old tax and accounting records? Well here are some Guidlines.

Storing tax records: What is long enough?

April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what to do with the documents after your check or refund request is in the mail?

Federal law requires the maintenance copies of their tax returns and supporting documents for three years. This is known as the "law of three years" and leads many to believe that they are always safe they retain their documents for this period of time.

However, if the IRS believes that it has reported significant revenue (25 percent or more) retained for one year

• Correspondence with customers and suppliers

• Duplicate deposit slips

• Purchase Orders (other than Purchasing Department copy)

• Receiving Sheets

• Requisitions

Notebooks • Stenographers

• warehouse withdrawal forms

Business Documents To preserve for three years

• Bank statements and Reconciliation

• Employee Personnel Records (after termination)

• Applications Employment

• Expired Insurance Policies

• General correspondence

• Internal Audit Reports

• Internal reports

• Petty Cash Vouchers

• Physical Inventory Tags

• Registration of Documents Savings Bonds Employees

• time cards for hourly employees

Commercial documents to keep for six years

• Reports of accidents, complaints

• Accounts Payable Ledgers and Schedules

• Ledgers Accounts receivable and Schedules

• canceled checks

• Canceled stock certificates and bonds

• Employment Tax Records

• Analysis Expenses and expense distribution schedules

• Contract expiration, leases

• Option expiration Records

• Inventories of products, materials, supplies

• Invoices to customers

• Notes receivable ledgers, lists

• Payroll Records and Summaries, including payment to pensioners

• Ledgers plant cost

• Department Purchasing Copies of purchase orders

• sales records

• The subsidiary ledgers

• Time Books

• Travel and Entertainment Records

• Bonus payments to vendors, employees, etc.

• Voucher Register, Schedules

Business records to keep forever

While federal guidelines do not require you to keep tax records "forever" in many cases there will be other reasons you want to retain these documents indefinitely.

• Audit Report CPA / Accountants

• Important canceled checks for payments (especially tax payments)

• Cash books, charts of accounts

• Contracts Leases currently in effect

• Corporate Documents (incorporation, charter, bylaws, etc.)

• Documents proving the Fixed asset additions

• Deeds

• Depreciation Schedules

• Financial Statements (year end)

• General and private ledgers, trial balances at the end of the year

• Insurance Records, Current Accident Reports, Claims, Policies

• Investment Trade Confirmations

• The IRS revenue agents' reports

• Magazines

• Legal records, correspondence and other important matters

• Minutes Books of Directors and Stockholders of

• Mortgages, bills Sales

• Valuation of the property by Outside Appraisers

• Property records

• Retirement and pension records

• Tax returns and worksheets

• Trademark and Patent Registrations

Personal documents to keep for one years

• While it is important to keep year-end mutual funds and IRA contributions statements forever, you do not have to save monthly and quarterly statements once the year-end statement has arrived.

Personal documents to keep for three years

• Credit Card

• Medical Bills (in case of insurance disputes)

• Utility Records

• Expired Insurance Policies

Personal Documents to keep for six years

• Support documents for statements Tax

• Accident Reports and Claims

• Medical Bills (if tax-related)

• Records Property / Income Improvement

• sales receipts

Wage garnishments •

• Tax Other bills related

Personal records to keep forever

• CPA Audit Reports

• Legal documents

• Important Correspondence

• income tax

• Income Tax Payment Checks

• Trade Investment Confirmations

• Retirement and Pension Records

Special Circumstances

• Car Records (keep until it is sold the car)

• Credit Card Posts (keep until verified on your statement)

• Insurance policies (for maintain the life of the policy)

• Mortgage / Scriptures / Leases (keep 6 years beyond the agreement)

• heels payments (keep until reconciled with your W-2)

• Property records and receipts for improvements (keep until property sold)

• Ticket Sales (to maintain the life of the warranty)

• Stock and Bond Records (keep for 6 years beyond selling)

• Warranties and instructions (to maintain 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 asset)

It was the interest of the paper?

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How long should I keep these Damn tax records?

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