What records need to be kept for 7 years?
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What records need to be kept for 7 years?
Accounting Services Records should be retained for a minimum of seven years. Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.
What paperwork do I need to keep and for how long?
You should always keep papers, like your birth certificate or other documents that prove your identity. Certain identification documents like passports and licences expire. You can dispose of these of once you have replaced them.
Where should you keep important documents?
How to Keep Your Documents SafeSafe Deposit Box. Your best bet with storing important documents is a safe deposit box. Home Safes. For documents you keep at home, or copies of documents in your safe deposit box, get a home safe. Use Plastic Page Slips. Use the Shredder.
What are the most important documents to have?
What Are Important Documents?Legal identification documents. Social Security cards. Birth certificates. Tax documents. Tax returns. W-2s and 1099 forms. Property records. Vehicle registration and titles. Medical records. Wills, powers of attorney or living will. Finance records. Pay stubs.
How do you protect documents?
You can protect a document by using a password to help prevent unauthorized access.Click the File tab.Click Info.Click Protect Document, and then click Encrypt with Password.In the Encrypt Document box, type a password, and then click OK.In the Confirm Password box, type the password again, and then click OK.
How long do you have to keep bank statements for?
one year
Is there any reason to keep old bank statements?
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W–, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
What bills should you keep and for how long?
You should probably keep hold of credit card and bank statements for a year but you can throw away other household paperwork like utility bills.
