Document Management

Record Retention Guide

How long should you keep tax returns, financial statements, and supporting documents? This guide covers general retention periods for the most common records. When in doubt, keep it longer.

Tax Records
Federal and state tax returns7 years minimum
Supporting documents (W-2s, 1099s, receipts)7 years
Records related to property (purchase, improvement, sale)Permanently
Records for fraudulent returns or no return filedPermanently
Business Records
Payroll records and tax returns7 years
Business income and expense records7 years
Corporate records (minutes, bylaws, resolutions)Permanently
Contracts and leases7+ years after expiration
Financial Records
Bank and brokerage statements7 years
Investment purchase records (cost basis)7 years after sale
Retirement account contributions and statementsPermanently
Insurance policiesDuration + 7 years

Note: This guide reflects general IRS and legal guidelines. State requirements may differ. For records related to property, fraud, or an open audit, retain permanently. Contact us at (330) 533-7555 with specific questions.