Cheat Sheet: How long to keep documents

How Long to Keep Documents?

Here’s a quick cheat sheet to help you decide just how long you should hold onto those documents before getting that satisfying feeling from throwing them in the shredder. 

For Individuals

Smart recordkeeping isn’t about clutter—it’s about confidence. Here’s how long to keep your paperwork:

• Tax Returns & Supporting Documents Hold on for at least 7 years. The IRS generally has a 3-year audit window, but extended timelines can come into play. Better safe than scrambling.
• Bank Statements Keep for 1 year, unless they support tax filings or major financial decisions
• Medical Records & Health Insurance Info Retain for 5 years, especially if you’ve changed providers, filed claims, or anticipate follow-ups.
• Pay Stubs Save for 1 year—or until they match up with your W-2s and tax filings.
• Receipts Hang on to them for 1–3 years if they relate to warranties, large purchases, or anything tax-deductible.

For Businesses

Proper documentation is part of protecting your business—and your peace of mind.

• Employee Records (Former Staff) Keep for at least 7 years to stay in line with labor laws and best practices.
• Business Tax Records Retain for 7 years, same as individual tax guidance. You want a clean paper trail if questions arise.
• Client Agreements & Contracts Keep while active, and for at least 6 years after completion. Indefinitely, if there’s long-term value.
• Accounts Payable & Receivable Hold for 7 years to ensure financial clarity and audit readiness.
• Corporate Documents (e.g., Articles of Incorporation) These are permanent records. Keep forever.

Of course there are a vast array of other documents we end up collecting over time, so if you have questions about how long or whether you should keep a certain document, it is always advisable to check with your CPA or tax professional. 

We also recommend clients upload these documents and anything else they want to keep track of to their Secure Vault of their personal financial website. This way you can upload it while it's fresh, and never have to worry about if or how long to keep a document.

Have questions or want a demonstration of how to upload to your Secure Vault? Give us a call and we will be happy to schedule a tutor session with our staff at 1.800.323.9171.