Document Retention Guide
Disclaimer: This guide is for general informational purposes. Retention needs vary based on your circumstances, industry, and legal/regulatory obligations. When in doubt, keep documents longer or consult your tax professional or attorney.
Quick tax takeaway
For many situations, it’s reasonable to keep filed tax returns and the supporting documents for at least 3 years. Some situations can extend the review window, so keeping key tax documents longer may be wise.
Recommended retention at a glance
Tax Documents
| Document type | Suggested retention | Notes |
|---|
| Filed tax returns | Indefinitely (recommended) | Useful for loan applications, retirement planning, and long-term basis tracking |
| Tax return support documents (W-2, 1099, receipts, schedules) | 6 years | Covers many “extended lookback” scenarios |
| Proof of tax payments | Indefinitely | Includes confirmations, canceled checks, payment confirmations |
Safe storage and backups (digital is OK)
- Scan and store paper-only documents as PDFs.
- Keep two backups: one local (external drive) and one offsite (secure cloud backup).
- Use strong passwords + MFA for any cloud storage.
- Encrypt sensitive files when possible.
Secure disposal
When documents are no longer needed, shred anything containing personal identifiers (SSN, DOB, account numbers), signatures, or financial details. For large volumes, use a secure destruction service.
Business document retention (general guideline)
Summary table
| Keep about… | Examples |
|---|
| 1 year | Routine communications, deposit slip copies, receiving logs, requisitions |
| 3 years | Employment applications, expired insurance policies, internal reports, time cards |
| 6 years | Bank reconciliations, canceled checks, payroll summaries, billing copies, ledgers |
| Indefinitely | Formation documents, minutes, tax returns, fixed-asset support, deeds/titles |
Keep about 1 year
- Routine customer/supplier communications
- Copies of deposit slips
- Purchase orders (non-primary copies)
- Receiving logs/sheets
- Requisition forms
- Dictation/stenography notebooks
- Stockroom/inventory withdrawal slips
Keep about 3 years
- Personnel files (after separation)
- Employment applications
- Expired insurance policies
- General correspondence
- Internal audit summaries
- Internal operational reports
- Petty cash vouchers
- Physical inventory tags
- Employee savings bond registration details
- Hourly time cards
Keep about 6 years
- Incident/accident reports and claims
- Accounts payable schedules and ledgers
- Accounts receivable schedules and ledgers
- Bank statements and reconciliation workpapers
- Canceled checks
- Voided/canceled stock or bond certificates
- Employment tax documents
- Expense analyses and allocation schedules
- Expired contracts and leases
- Expired option-related documents
- Product/material/supply inventory listings
- Customer billing/invoice copies
- Notes receivable schedules and ledgers
- Payroll registers and summaries (including pensioner payments)
- Plant cost ledgers
- Purchasing department “official” PO copies
- Sales documents
- Subsidiary ledgers
- Time books
- Travel and entertainment support
- Payment vouchers (vendors/employees/etc.)
- Voucher registers and schedules
Keep indefinitely
- CPA/accountant audit reports
- Canceled checks for major payments (especially taxes)
- Cash books and chart of accounts
- Current contracts/leases
- Corporate formation/governing documents (articles, bylaws, etc.)
- Support for fixed-asset purchases/additions
- Deeds and titles
- Depreciation schedules
- Year-end financial statements
- General/private ledgers and year-end trial balances
- Current insurance documents (policies, claims, current incident reports)
- Investment trade confirmations
- IRS agent/revenue reports
- Journals
- Legal documents and important correspondence
- Board/shareholder minutes
- Mortgages and bills of sale
- Third-party property appraisals
- Property documents
- Retirement/pension documents
- Tax returns and workpapers
- Trademark and patent registrations
Personal document retention (general guideline)
Summary table
| Keep about… | Examples |
|---|
| 1 year | Bank statements, pay stubs (until matched to W-2), monthly investment statements |
| 3 years | Credit card statements, medical bills (insurance dispute support), utility documents |
| 6 years | Tax return support documents, property improvement support, accident claims |
| Indefinitely | Tax returns, proof of tax payments, legal documents, retirement documents |
Keep about 1 year
- Bank statements
- Pay stubs (until reconciled to your W-2)
- Canceled checks
- Monthly/quarterly retirement or mutual fund contribution statements (until matched to annual summary)
Keep about 3 years
- Credit card statements
- Medical bills (helpful for possible insurance disagreements)
- Utility documents
- Expired insurance policies
Keep about 6 years
- Tax return support documents
- Accident reports and claims
- Medical bills tied to tax items
- Property improvement receipts/support
- Sales receipts
- Wage garnishment documents
- Other tax-related bills
Keep indefinitely
- CPA audit reports
- Legal documents
- Important correspondence
- Income tax returns
- Proof of income tax payments (including related checks)
- Investment trade confirmations
- Retirement/pension documents
Special situations (common rules of thumb)
| Item | Suggested retention |
|---|
| Vehicle documents | Keep until the vehicle is sold |
| Credit card receipts | Keep with the matching statement |
| Insurance policies | Keep for the life of the policy |
| Mortgages / deeds / leases | Keep for 6 years after the agreement ends |
| Pay stubs | Keep until reconciled with your W-2 |
| Property improvement support | Keep until the property is sold |
| Sales receipts | Keep for the warranty period |
| Stock/bond buy/sell support | Keep for 6 years after you sell |
| Warranties/instructions | Keep for the life of the item |
| Other bills | Keep until the next statement confirms payment |
| Depreciation schedules & capital-asset support | Keep for 3 years after the asset’s tax life ends |
