It is never a bad time to plan for your next tax filing date. Do you know what you should keep and what you can throw away? Should you keep those old shopping receipts? What about tax returns from 10 years ago? Here are a few guidlelines for what records you should keep around and for how long:

Individual Records

KEEP PERMANENTLY

• Gift Tax Returns (with schedules and supporting documentation)
• Medical Records

KEEP FOR 7 YEARS

• Contracts

KEEP FOR 3 YEARS

• Home records regarding purchase and improvements to your home
• Annuities – proof of investment

Business Records

KEEP PERMANENTLY

• Trademark, patent and other registrations
• Board of director, stakeholder and other minute books

KEEP FOR 7 YEARS

• Physical inventory documentation
• Fixed assets and depreciation schedules and documentantion

KEEP FOR 3 YEARS

• Employee applications
• Loan agreements

Download the full Record Retention Guides to see all the documents you need to keep track of and for how long.