HOW LONG YOU should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal returns can be audited up to three years after filing (six years if underreported income is involved), so all records substantiating tax deductions should be kept at least that long.

Recommended Retention for Various Records (excluding client files)

Types of Records to Keep for 1 Year

Correspondence with routine vendors

Types of Records to Keep for 2 Years

Employment applications

Types of Records to Keep for 3 Years

Bank reconciliation
General correspondence

Types of Records to Keep Permanently

Audit reports
Charts of accounts
Company policy & practice manuals
Contracts
Corporate stock records
Correspondence on legal, important matters
Election records
Financial statements
Insurance policies (including expired policies)
Ownership of property, real estate, patents, trademarks, copyrighted documents (from date of ownership)
Pension documents & records
Tax returns

Source: Brayman, Houle, Keating & Albright, a Nashua-based certified public accounting, www.bhka.com.

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