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Document Retention Guide

Posted by Admin Posted on Nov 19 2018


Ever wonder how long you should keep your tax returns?  Or maybe employee records?  Below we have listed several items and the recommended amount of time they should be kept (electronic format or paper).


Bank Statements and Canceled Checks 4 years
Canceled Checks for Key Transactions (taxes, purchases of property, etc.) Permanent
Contracts and Leases 4 years
Stock and Bond Records Permanent Until Sold
Deeds, Mortgages, and Bills of Sale Permanent
Employee Records 3 years
Employment Applications 3 years
Business General Ledgers Permanent
Insurance Policies (Expired) 6 years
Invoices from Vendors 3 years
Real Estate and Improvement Records Permanent
Tax Returns and Related Documents 3 years
Financial Statements and Work Papers Permanent











Individual circumstances and questions should be directed to your lawyer and/or our office for specific recommendation.


Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue

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