For Businesses:

Keep for One Year:

• Bank reconciliations
• Correspondence with customers or vendors
• Duplicate deposit slips
• Purchase orders (excluding purchasing department copies)
• Receiving sheets
• Requisitions
• Stockroom withdrawal forms

Keep for Three Years:

• General correspondence
• Employee personnel records (post-termination)
• Employment applications
• Expired insurance policies
• Internal audit reports
• Internal reports
• Petty cash vouchers
• Physical inventory tags
• Savings bond registration records of employees

Keep for Seven Years:

• Accident reports and claims
• Accounts payable and receivable ledgers
• Cancelled checks
• Expired contracts and leases
• Expense analysis and distribution schedules
• Inventories of products, materials, and supplies
• Invoices to customers
• Payroll records and summaries
• Sales records

Keep Permanently:

• Audit reports
• Cash books
• Cancelled checks for significant payments
• Contracts and leases in effect
• Legal correspondence
• Deeds, mortgages, bills of sale
• Depreciation schedules
• Financial statements
• General ledgers
• Insurance records
• Tax returns and worksheets
• Trademark registrations

For Individuals:

Keep for One Year:

• Year-end mutual fund and IRA contribution statements

Keep for Three Years:

• Credit card statements
• Medical bills (for potential insurance disputes)
• Utility records
• Expired insurance policies

Keep for Six Years:

• Supporting documents for tax returns
• Accident reports and claims
• Medical bills (if related to taxes)
• Property records/improvement receipts
• Sales receipts
• Wage garnishments
• Other tax-related bills

Keep Permanently:

• CPA audit reports
• Legal records
• Important correspondence
• Income tax returns and payment checks
• Investment trade confirmations
• Retirement and pension records

Special Circumstances:

• Car records (until sold)
• Credit card receipts (until verified on statement)
• Insurance policies (throughout policy life)
• Mortgages/deeds/leases (6 years beyond agreement)
• Pay stubs (until reconciled with W-2)
• Property records/improvement receipts (until property sold)
• Sales receipts (throughout warranty period)
• Stock and bond records (6 years beyond sale)
• Warranties and instructions (throughout product life)
• Other bills (until payment verified)
• Depreciation schedules and capital asset records (3 years after asset's tax life)