Resources / Record Retention
Record Retention
General guidance on how long to keep common tax and business records.
Personal
| Tax returns (as filed) | Permanent |
| Supporting documents (W-2s, 1099s, receipts) | 7 years |
| Bank & credit card statements | 1 to 3 years |
| Investment purchase & cost-basis records | Until sold + 7 years |
| Home purchase & improvement records | Until sold + 7 years |
| Loan documents | Until paid off + 7 years |
Business
| Tax returns & supporting records | 7 years |
| Payroll tax records | 4 to 7 years |
| Employee records (after termination) | 7 years |
| Year-end financial statements | Permanent |
| Formation documents, minutes, deeds | Permanent |
| Asset & depreciation records | Life of asset + 7 years |
Disclaimer
These resources are provided for general informational purposes only and do not constitute tax, legal, or accounting advice. Tax laws change frequently, so please consult Northwind Accounting & Advisory before acting on any item here.