Since The Paper Tiger is a software program that helps you deal with document management and records retention, we thought this article by Ramona Creel would be a helpful checklist in addition to our blog post copied from IRS.gov.
Records Retention Guidelines
By Ramona Creel
Feel free to use this tip sheet / checklist as you tackle your own “”do-it-yourself”" organizing projects. If you would like to REPRINT or DISTRIBUTE this information, please include ‘Content provided by Ramona Creel, www.ramonacreel.com.’
BUSINESS RECORDS (KEEP FOREVER)
income tax returns
income tax payment checks
investment trade confirmations
important correspondence
legal records
retirement and pension records
CPA audit reports
annual financial statements and books of account
corporate documents (incorporation, charter, by-laws, etc.)
stock records
retirement and pension records
licenses, patents, and trademarks and registration packets
investment trade confirmations
documents substantiating fixed asset additions
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
BUSINESS RECORDS (KEEP SIX YEARS)
bank reconciliation and canceled checks
canceled payroll and dividend checks
personnel and payroll records
purchase records
sales records
travel and entertainment records
supporting documents for tax returns
property records / improvement receipts (if tax-related)
sales receipts (if tax-related)
utility records (if tax-related)
other bills (if tax-related)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
BUSINESS RECORDS (KEEP THREE YEARS)
monthly financial statements
credit card statements (for internal use)
employment applications (unless your profession requires longer)
expired insurance policies
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP FOREVER)
income tax returns
income tax payment checks
investment trade confirmations
important correspondence
legal records
retirement and pension records
CPA audit reports
note: consult your accountant before getting rid of any financial paperwork
note: please consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP SIX YEARS)
supporting documents for tax returns
accident reports and claims
medical bills (if tax-related)
property records / improvement receipts (if tax-related)
sales receipts (if tax-related)
utility records (if tax-related)
other bills (if tax-related)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP THREE YEARS)
credit card statements
medical bills (in case of insurance disputes)
utility records (for internal use)
expired insurance policies
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
SPECIAL CIRCUMSTANCES
car records (keep until the car is sold)
credit card receipts (keep until verified on your statement)
insurance policies (keep for the life of the policy)
mortgages / deeds / leases (keep 6 years beyond the agreement)
pay stubs (keep until reconciled with your W-2)
property records / improvement receipts (keep until property sold)
sales receipts (keep for life of the warranty)
stock and bond records (keep for 6 years beyond selling)
warranties and instructions (keep for the life of the product)
other bills (keep until payment is verified on the next bill)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
Copyright 2000-2009 Ramona Creel — you are welcome to reprint any article, but you MUST include this resource box and a link to www.RamonaCreel.com. Ramona Creel is a Professional Organizer, NAPO Golden Circle Member, and the original founder of OnlineOrganizing. A former Social Worker, she has always enjoyed helping people find the resources and solutions they need to improve their lives. Ramona now travels the country as a full-time RVer, sharing her story of simplicity with everyone she meets. She leads by example — having worked for more than 10 years as a Professional Organizer, and having radically downsized and simplified her own life as a full-time RVer. Ramona now considers herself a “Renaissance Woman” — bringing all of her passions together into one satisfying career. As both a virtual and traveling organizer, she can create a customized organizing plan for your home or office, put on a workshop, or educate you through one of her popular teleseminars. As a simplicity coach, Ramona provides a proven program for making every area of your life a little bit easier — perfect for those who want to make the time and space to focus on their true priorities. As a Professional Photographer, Ramona captures powerful images of places and people as she travels. And as a freelance writer and blogger, she shares organizing techniques, social commentary, travel tips, and film reviews with others. You can see all these sides of Ramona — read her articles, browse through her photographs, and even hire her to help get your life in order – at www.RamonaCreel.com. You can also follow her on Twitter, check out her Facebook profile, and subscribe to her blog feeds.
Tags: Document Management, paper filing systems, what to do with paper files
