What financial information am I required to keep for 7 years?

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I'm trying to organize all my financial records, and I'm not overwhelmed with old bills and credit card statements of accounting practice. What do I need to clear and I can safely delete? And Standard 7 years, is still appropriate?

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This entry was posted on 04/02/2010 (Thursday) at 1:09 am and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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2 Comments   »

  • reality says:
    04.02.10 at 01:19

    You only have to keep your income tax records, and your expenses you show on your income tax return, if it's any. You don't need credit card statements, and utility bills, shredded. CC statement you should check every month and you can destroy them after you make a pmt , same with utility. Good Luck!

  • Shredguy says:
    04.02.10 at 02:08

    Different records require different retention periods. Here is a basic schedule: http://www.shrednations.com/articles/personal-records-retention.php


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