Decluttering Your Business Records? Here’s a Guide for Doing So Safely.

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From time to time, it can be helpful to declutter your business records. Doing so can save space, and may also help you locate documents more easily when you need them. But before you start decluttering, make sure you know which documents you can safely toss, and which you should keep. For more information on safe ways to declutter, talk with us or attorney.

Which Business Records Should You Keep, and for How Long?

Accident reports and claims (settled cases)	7 years
Audit reports of accountants	Permanently
Bank statements	7 years
Bank deposit slips	1 year
Bank reconciliations	1 year
Cancelled checks (see exception below)	7 years
Cancelled checks for important payments (i.e., taxes, purchases of property, special contracts, etc.). These checks should be filed with the papers pertaining to the underlying transaction.	Permanently
Contracts and leases (expired)	7 years
Correspondence (legal and important matters only)	Permanently
Deeds, mortgages, and bills of sale	Permanently
Insurance policies (expired)	10 year
Insurance records, current accident reports, claims, policies, etc.	Permanently
Investment account statements	Permanently
Property appraisals by outside appraisers	Permanently
Property records, blueprints and plans, deeds, mortgages, remodeling/renovation records	Permanently
Sales receipts for major purchases (car, appliances, furniture, etc.) after disposition of the asset	7 years
Stock and bond certificates (cancelled)	Permanently
Stock and bond certificates (current)	Permanently
Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability, including W-2s, 1099s, estimated payment vouchers, K-1s, and charitable giving receipts.	Permanently