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Financial Records - Do I Need to Keep That?

Do you need to keep those old receipts? What about tax filing schedules from 10 years ago? Read this article to see what records you need to keep and for how long!

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.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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