Keep Quantity Document For Free

Ing to the IRS, you should keep your records for three years from the date you file your original return or two years from the date you paid the tax. Yet, the IRS may ask about returns filed in the last three to seven years, which is why it's always a good idea to keep your bank statements for longer.

There are still documents that you need the paper versions of, your passport and birth certificate, for example. It's also useful to have physical paper evidence of your address, pension and insurance policies.

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

Record Retention Guide for Individuals RecordRetention PeriodW-2s7 years1099s7 yearsCancelled or substitute checks supporting tax deductions7 yearsBank deposit slips7 years21 more rows

Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

What Are The 5 Kinds Of Records That Must Be Kept? Accounting Records. Keeping accounting records allows you to keep track of all the transactions in your business. ... Bank Statements. Your bank statement shows the details of all your accounts. ... Legal Documents. ... Licenses and Permits. ... Insurance Documents.

Shredding Documents Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years. Pay Stubs: Match them to your W-2 once a year and then shred them. Utility Bills: Hold on to them for a maximum of one year.