Tax Tools
Know exactly what to keep, what to shred, and for how long — so you're always prepared if the IRS comes calling.
Tax Returns — Keep Permanently
Your filed tax returns should be kept indefinitely. They serve as proof of income, deductions claimed, and tax paid — and can be referenced years later for amended returns, audits, or financial planning.
Supporting Tax Documents — 7 Years
W-2s, 1099s, receipts, and records supporting deductions should be kept for at least 7 years. The IRS generally has 3 years to audit a return, but 6 years if it suspects substantial underreporting.
Bank & Credit Card Statements — 7 Years
Keep bank and credit card statements for 7 years if they support items on your tax return. For personal accounts with no tax relevance, 1–3 years is typically sufficient.
Business Records — 7 Years Minimum
Payroll records, accounts payable/receivable, invoices, and contracts should be retained for at least 7 years. Some business records — like corporate formation documents — should be kept permanently.
Real Estate & Investment Records
Keep records of property purchases, improvements, and sales for as long as you own the asset, plus 7 years after you sell. These records establish your cost basis and determine your capital gain or loss.
Personal Records — Keep Permanently
Birth certificates, Social Security cards, passports, wills, trusts, insurance policies, and retirement account documents should be stored securely and kept for life. Consider a fireproof safe or secure digital backup.
Need Help Getting Organized?
Good recordkeeping is the foundation of a smooth tax season. We can help you set up a system that works for your life and business.