Record Retention Guide

Keeping financial records for the right amount of time is important for both compliance and peace of mind. Use this quick guide to know how long to keep your documents.

Keeping good records makes tax time easier and helps protect you if the IRS ever has questions. Here’s what you need to know:

Why Records Matter

  • Claim every credit and deduction you’re entitled to.

  • Respond quickly if the IRS asks for proof.

  • Stay organized for loans, insurance, or personal budgeting.

How Long Should You Keep Records?

  • Most tax records: 3 years after filing.

  • Major income errors (25%+ unreported): 6 years.

  • Fraudulent returns or no return filed: no time limit.

  • Worthless securities or bad debt claims: 7 years.

Common Records to Keep

  • Income: W-2s, 1099s, bank/investment statements.

  • Expenses & deductions: mortgage, tuition, medical, donations, business expenses.

  • Property & assets: purchase, improvement, and sale records (including crypto).

  • Life events: marriage, divorce, adoption, disability, or death certificates.

Quick Tip

Keep both digital and paper copies when possible. Separate business and personal expenses for easier filing.

Need personalized guidance?

Resources are a great starting point, but every tax situation is unique. Our team of Enrolled Agents and CPAs is here to answer your questions and help you make the best financial decisions.