While record keeping for individuals differs from business, complete and organized records make your finances easier to manage, and help you avoid paying too much in taxes. How long to retain these records can vary depending on state and federal regulations, but the following guidelines are generally appropriate:
| Record | Retention Period |
| Tax returns (uncomplicated) | 7 years |
| Tax returns (all others) | Permanent |
| W-2s | 7 years |
| 1099s | 7 years |
| Cancelled checks supporting tax deductions | 7 years |
| Bank deposit slips | 7 years |
| Bank statements | 7 years |
| Charitable contribution documentation | 7 years |
| Credit card statements | 7 years |
| Receipts, diaries, logs pertaining to tax return | 7 years |
| Investment purchase and sales slips | Ownership period + 7 years |
| Dividend reinvestment records | Ownership period + 7 years |
| Year-end brokerage statements | Ownership period + 7 years |
| Mutual fund annual statements | Ownership period + 7 years |
| Investment property purchase documents | Ownership period + 7 years |
| Home purchase documents | Ownership period + 7 years |
| Home improvement receipts and cancelled checks | Ownership period + 7 years |
| Home repair receipts and cancelled checks | Warranty period for item |
| Retirement plan annual reports | Permanent |
| IRA annual reports | Permanent |
| IRA nondeductible contributions (Form 8606) | Permanent |
Heiser and Company will be happy to assist you with any questions about these guidelines or help in record retention for your business or household.
Quick Tip: The retention period for electronic and paper records is the same.
