Retention Guide

 

SPECTRUM_TAX_RELIEF

Businesses

Keep One Year
  • Bank reconciliations
  • Correspondence with customers or vendors
  • Duplicate deposit slips
  • Purchase orders (except purchasing department copies)
  • Receiving sheets
  • Requisitions
  • Stenographer’s notebooks
  • Stockroom withdrawal form
Keep Three Years
  • General correspondence
  • Employee personnel records (after termination)
  • Employment applications
  • Expired insurance policies
  • Internal audit reports
  • Internal reports
  • Petty cash vouchers
  • Physical inventory tags
  • Savings bond registration records of employees
Keep Seven Years
  • Accident reports and claims
  • Accounts payable ledgers and schedules
  • Accounts receivable ledgers and schedules
  • Cancelled checks
  • Expired contracts and leases
  • Expense analysis and expense distribution schedules
  • Inventories of products, materials and supplies
  • Invoices to customers
  • Notes receivable ledgers and schedules
  • Expired option records
    Payroll records and summaries, including payments to pensioners
  • Plant cost ledgers
  • Purchasing department copies of purchase orders
  • Sales records
  • Cancelled stock and bond certificates
  • Subsidiary ledgers
  • Time books
  • Voucher register and schedules
  • Voucher for payments to vendors, employees, etc.
Keep Permanently
  • Audit reports of accountants
  • Cash books, charts of accounts
  • Cancelled checks for important payments
  • Contracts and leases still in effect
  • Correspondence on legal and other important matters
  • Deeds
  • Mortgage and bills of sale
  • Depreciation schedules
  • Financial statements (end-of-year)
  • General ledgers (and end-of-year trial balances)
  • Insurance records, current accident reports, claims, policies
  • Journals
  • Minute books of directors and stockholders
  • Property appraisals by outside appraisers
  • Property records
  • Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability
  • Trademark registrations

Individuals

Keep One Year

While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.

Keep Three Years
  • Credit Card Statements
  • Medical Bills (in case of insurance disputes)
  • Utility Records
  • Expired Insurance Policies
Keep Six Years
  • Supporting Documents For Tax Returns
  • Accident Reports and Claims
  • Medical Bills (if tax-related)
  • Property Records / Improvement Receipts
  • Sales Receipts
  • Wage Garnishments
  • Other Tax-Related Bills
Keep Permanently
  • CPA Audit Reports
  • Legal Records
  • Important Correspondence
  • Income Tax Returns
  • Income Tax Payment Checks
  • Retirement and Pension Records
Special Circumstances
  • Car Records (keep until the car is sold)
  • Credit Card Receipts (keep until verified on your statement)
  • Insurance Policies (keep for the life of the policy)
  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
  • Pay Stubs (keep until reconciled with your W-2)
  • Property Records / improvement receipts (keep until property sold)
  • Sales Receipts (keep for life of the warranty)
  • Stock and Bond Records (keep for 6 years beyond selling)
  • Warranties and Instructions (keep for the life of the product)
  • Other Bills (keep until payment is verified on the next bill)
  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

Spectrum Tax Relief, LLC

19800 MacArthur Blvd.,
Suite 300
Irvine, CA 92612-2440

Toll Free: (888) 407-3775
Local: (949) 577-7958
Fax: (866) 300-0081

mail @ spectrumtaxrelief.com

GENERAL DISCLAIMER

* Estimates based on prior results; individual results will vary based on circumstances, including your ability to provide Spectrum Tax Relief, LLC, with information that is accurate and timely. We do not guarantee that your tax debts will be lowered by a specific amount or percentage, that your tax debt will be paid off within a specific period of time or guarantee you will qualify for any IRS programs. Penalties and interest will continue to accrue until your tax liability is paid in full to the IRS. Spectrum Tax Relief, LLC is a tax resolution firm independent from the IRS. We do not assume tax debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice. By providing your contact information, you expressly consent to receiving calls and/or SMS text messages at the number you provided as part of our service offerings, including but not limited to advertisements, solicitations, and service updates. The phone number belonging to the called/messaged person(s) could incur charges for such contact. Read and understand all program materials prior to enrollment.

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