By now most people are familiar with how long they’re required to hold onto certain documents and materials before passing them along to a shredding services company such as Data Disposal, but for those who may have questions we’ve compiled information in order to be of assistance using public resources made available to us. (*Note- it is always best to consult your CPA, or Attorney if you have questions/doubts about specific documents regarding FINANCIAL and LEGAL matters. A good general resource for business records can be found at the following link): YEO & YEO Business Record Retention Schedule)
PERSONAL RECORDS-
3 years:
- Credit Card Statements
- Medical Bills (Insurance Claim Related)
- Utility Records
- Expired Insurance Policies
- Financial paperwork (consult your accountant)
- Legal paperwork (consult your attorney)
6 years:
- Tax Return Supporting Documents
- Accident Reports and claims
- Tax-Related Medical Bills
- Tax-Related Property Records/Improvement Receipts
- Tax-Related Sales Receipts
- Tax-Related Utility Records
- Other Tax-Related Bills
- Financial Paperwork (consult your CPA)
- Legal Paperwork (consult your attorney)
FOREVER/INDEFINITELY:
- Income Tax Returns
- Income Tax Payment Checks
- Investment Trade Confirmations
- Important Correspondence
- Legal Records
- Retirement and Pension Records
- CPA Audit Reports
- Financial Paperwork (consult your CPA)
- Legal Paperwork (consult your attorney)
BUSINESS RECORDS-
3 years:
- Monthly Financial Statements
- Credit Card Statements (for internal use)
- Employment Applications (unless your profession requires longer time-frames)
- Expired Insurance Policies
- Financial Paperwork (consult your CPA)
- Legal Paperwork (consult your attorney)
6 years:
- Bank Reconciliation and Cancelled Checks
- Cancelled Payroll and Dividend Checks
- Personnel and Payroll Records
- Purchase Records
- Sales Records
- Travel and Entertainment Records
- Supporting Documents for Tax Returns
- Tax-Related Property Records/Improvement Receipts
- Tax-Related Sales Receipts
- Tax-Related Utility Records
- Other Tax-Related Bills
- Financial Paperwork (consult your CPA)
- Legal Paperwork (consult your attorney)
FOREVER/INDEFINITELY:
- 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
- License, patent, trademark and registration packets
- Investment Trade confirmations
- Documents substantiating fixed assets additions
- Financial Paperwork (consult your CPA first)
- Legal Paperwork (consult your attorney first)
It goes without saying that the safest and best way to handle these types of materials destruction is to use a trustworthy paper shredding service that will provide you with a certificate of destruction so that you can lay your mind at ease and look to the future without worrying about the potential theft of your valuable information.
Because storing personal/business records for a longer duration (6 years – forever) can take up space and require special attention, you should know there are valid alternatives such as contracting a specialized company to store your documents, such as our sister company Carmel Business Systems, Inc. In addition to offering safe Records Storage, Carmel also offers microfilm/microfiche services that drastically reduce storage space requirements and are universally accepted in all courts of law.
We hope that the information above has been helpful and regardless of your preferred method(s) of Records Storage/Destruction, please know that Data Disposal, Inc. will always strive to provide customers with the best shredding service in San Diego county and most of Southern California for that matter.
Our best regards to our readers and we hope you all had a wonderful Thanksgiving Holiday!