Recommendations on Keeping Records McClain, Smith & Wenz's recommendations on document retention are listed below. Different types of records need to be retained for different time periods.  The time documents should be kept depends on appropriate laws, IRS and governmental regulations, and third-party requirements. These recommendations on Document Retention are general guidelines.  They are NOT advice for any specific circumstances.  Please contact us for professional advice.  Guide to Retention of  Business Records Document Description Retention Period (Yrs)      Accident reports and claims     (settled cases)  7  Accounts payable ledgers and     trial balances  7  Accounts receivable ledgers and     trial balances  7  Audit reports of public accountants  P  Automobile logs  7  Bank statements and reconciliations  7  Capital stock and bond records:       ledgers, transfer registers, stubs    showing issues, record of interest    coupons, options, etc.  P  Cash books  P  Checks (canceled); see exceptions below  7  Checks (canceled) for important    payments (taxes, property purchases,    contracts, etc.) retain with related    papers  P  Commission records  7  Contracts and leases (current)  P  Contracts and leases (expired)  7  Copyrights  P  Correspondence (legal and important    matters only)  P  Correspondence (general)  7  Correspondence (routine) with customers    or vendors  7  Deeds, mortgages, and bills of sale  P  Depreciation schedules  P  Duplicate deposit slips  7  Employee personnel records after    termination  7  Employment tax returns  7  Expense analysis and expense distribution    schedules  7  Financial statements end of year    (other months optional)  P  General/private ledgers and end-of-year    Trial balances  P  Information returns  7  Insurance policies and records (current)  P  Insurance policies (expired)  7  Internal audit reports and working papers  7  Internal reports (miscellaneous)  7  Inventories of products, materials, and    supplies  7  Invoices to customers and from vendors  7  Journals  P  Licenses and permits  P  Minute books of directors and    stockholders, including bylaws    and charter  P  Notes receivable ledgers and trial balances  7  Option records (expired)  7  Patents  P  Payroll records and summaries, including    payment to pensioners  7  Personnel employment applications  7  Petty cash vouchers  7  Physical inventory tags  7  Property appraisals by outside appraisers  P  Property records, including costs,    depreciation reserves, end of year    trial balances, blueprints and plans P  Purchase orders (except purchasing    department copy)  7  Receiving sheets  7  Requisitions  7  Royalty records  7  Sales records  7  Subsidiary ledgers to the general ledger    and trial balances  7  Tax returns and worksheets, revenue    agents' reports, and other documents    relating to determination of tax liability  P  Time books  7  Trademark registration  P  Voucher register and trial balances  7      P = Permanent

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How do I make sure he gets it?       What is the difference between a living will and a living trust?       What will happen if I die without a will?       Who should I name as guardian of my children in case my spouse and I should die at the same time?       Who should I name as trustee?   Personal Finance   Articles     Managing credit and debt       Choosing a credit card       Contemplating bankruptcy       Credit traps for the unwary       Debt consolidation       How student loans inpact your credit       Understanding your credit report     Owning a home       Applying for a mortgage       Buying a home       Buying a home both you and your insurer will love       Opening the door to homeowners insurance       Refinancing your mortgage       Selling a home       Tapping the equity in your home       Tax benefits of home ownership       Your home as a source of dollars in retirement   Decision Tools     Owning a home       Homeowners insurance quiz       How to save money on your homeowners insurance       Is my home mortgage interest fully deductible?       Less common mortgage options       Mortgage payment calculator       Popular types of mortgages       Should you refinance your mortgage?   FAQs     Bankruptcy       Can I buy a house even though I declared bankruptcy?       I can't pay my bills. 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Can I deduct this on my tax return?       I refinanced my principal home last year and paid points. What are points, and can I deduct them on my tax return?       If I prepay next year's taxes this year, can I deduct them this year?       If I work at home occasionally, am I entitled to a home office deduction?       Is student loan interest deductible?       My spouse and I are filing separate returns. Can we both itemize our deductions? If so, how do we split the deductions?       My town has assessed against me a real estate betterment for new sewer lines installed in my street. May I deduct this amount on my tax return?       We just bought our first home. 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