I am constantly asked, "How long should I keep my financial records?"  Well, as any accountant worth their salt will tell you, "It depends."  It depends on what kind of records they are.  Here's a suggested list of records and how long you should keep them:

Copies of tax returns: Tax/legal correspondence: Reports:    Real Estate Records:  Employee payroll Records: Employee expense records: Paid Vendor Invoices: Canceled Checks: Bank Statements Personal Investment records: General Ledger/Journals        Sales Records/Journals  Depreciation Schedules:

Forever Forever Forever 3 Years 3 Years 3 Years 3 years 6 years 6 years after sales 6 years 6 years 3 years after the life of the asset 3 Years