How Long Should I Keep My Records?

Deciding how long to keep your personal and business records is more of a science than a rule. Some key questions you should ask yourself when evaluating whether to throw away or keep a document are:
· Will I ever need poof of this in court?
· Could this help me win a dispute?
· Am I still paying on this?
· Is this still showing on my credit report?
· Did I report or itemize this on my taxes?
· Does this have important historical value?

If the answer is “yes” to any of these questions, you should consider keeping this document for several years.

Most people keep their utility bills and small purchase receipts longer than necessary. If you don’t have a problem with the charges and the answer is “no” to all of the above questions, throw it away or shred it.

The following chart is a recommendation of how long you should keep various documents. Please contact your accountant or lawyer for special exceptions.

Chart Link