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Bank Statements	Paycheck Stubs (reconcile with W-2)
Cancelled Checks	Monthly and quarterly mutual fund and retirement contribution statements

Personal Documents to Keep for Three Years

Credit Card Statements	Medical Bills (in case of insurance disputes)
Utility Records	Expired Insurance Policies

Personal Documents to Keep for Six Years

Accident Reports and Claims	Medical Bills (if tax-related)
Property Records/Improvement Receipts	Sales Receipts
Supporting Documents for Tax Returns	Wage Garnishments

Personal Documents to Keep Forever

CPA Audit Reports	Income Tax Payment Checks
Income Tax Returns	Important Correspondence
Investment Trade Confirmations	Retirement and Person Records

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly under reported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

Business Documents to Keep for One Year

Correspondence with Customers and Vendors	Duplicate Deposit Slips
Purchase Orders	Receiving Sheets
Requisitions	Stenographer’s Notebooks

Business Documents to Keep for Three Years

Employee Applications	Employee Personal Records (after termination)
Expired Insurance Policies	General Correspondence
Internal Audit Reports	Internal Reports
Petty Cash Vouchers	Physical Inventory Tags
Savings Bong Registration Records of Employees	Time Cards for Hourly Employees

Business Documents to Keep for Six Years

Accident Reports, Claims	Account Payable Ledgers and Schedules
Accounts Receivable Ledgers and Schedules	Bank Statements and Reconciliations
Cancelled Checks	Cancelled Stock and Bond Certificates
Employment Tax Records	Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases	Expired Option Records
Inventories of Products, Materials, Supplies	Invoices to Customers
Notes Receivable Ledgers, Schedules	Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers	Purchasing Department Copies of Purchase Orders
Sales Records	Subsidiary Ledgers
Time Books	Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.	Voucher Register, Schedules

Business Records to Keep Forever

Audit Reports from CPAs/Accountants	Cancelled Checks for Important Payments
Cash Books, Charts of Accounts	Contacts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)	Documents substantiating fixed asset additions
Deeds	Depreciation Schedules
Financial Statements (Year End)	General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies	Investment Trade Confirmations
IRS Revenue Agents’ Reports	Journals
Legal Records, Correspondence and Other Important Matters	Minute Books of Directors and Stockholders
Mortgages, Bills of Sale	Property Appraisals by Outside Appraisers
Property Records	Retirement and Pension Records
Tax Returns and Worksheets	Trademark Patent Registrations