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How Long Should I Keep This?

Tax season is over making it a great time to clean out your filing cabinets, but did you know there are guidelines to when a document should be shredded? Luckily the IRS published guidelines regarding document disposal in order to help make it a little easier.

Based on recommendations from the IRS:

Keep One Year:

  • Purchase Orders

  • Notebooks

  • Stenographers

  • Receiving Sheets

Keep Two Years:

  • Employee Applications

  • Correspondence

  • Deposit Slips

  • Budget Forecasts

Keep Three Years:

  • Employee Expenses

  • Freight and Shipping Bills

  • Receiving Sheets

Keep Four Years:

  • Accounts Payable

  • Sales Records

  • Purchase Invoices

  • Inventories

  • Expense reports

  • Bank Reconciliation

  • Canceled Checks

  • Contracts and Leases

Keep Seven Years:

  • Accident Reports

  • Time Cards

  • Personnel Files

  • Garnishments

  • Payroll

Below is a list of records that the IRS suggests should be kept forever:

  • Union Agreements

  • Training Manuals

  • Actuals Reports

  • Audit Reports

  • Stocks and Bonds Records

  • Cash Books

  • Chart of Accounts

  • Trademarks

  • Tax Returns

  • Retirement Pension Records

  • Property Records

  • Patents

  • Procedure Reports

  • Year End Financials

  • Deeds and Mortgages

  • Copyrights

Our staff at Embassy can help you with shredding or secure document storage. For information about pricing and our services click here or call 800-717-1443.

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