How Long Should I Retain My Tax Records?

RECORD RETENTION SCHEDULES

Type of Record:
Recommended Retention Period

Copies of tax returns:  Forever

Tax/legal correspondence:  Forever

Audit reports:  Forever

Contracts and leases:  Forever

Real estate records:  Forever

Corporate minutes and stock records:  Forever

Bank statements:  6 years

General ledger and journals:  6 years

Sales records and journals:  6 years

Employee expense records:  4 years

Personal investment records:  6 years after sales

IRA records:  6 years after withdrawals

Canceled checks:  4 years

Paid vendor invoices:  4 years

Employee payroll records:  4 years

Depreciation schedules:  Tax life of asset plus 3 years

If you have questions on this or need additional assistance, feel free to call Bob at (805) 264-3305 or email to: admin@SolvangTax.com