Record Management & Storage

Most business owners don't know how long they should hold on to old records. According to the IRS, here's how long you should keep those records:

Permanently:

• general ledgers and journals
• payroll records, including W-2s, 940s, 941s
• year-end financial statements
• tax returns and supporting documents
• articles of incorporation, bylaws, meeting minutes, etc.
• retirement plan records
• mortgages and deeds

10 Years:

• bank statements and cancelled checks
• AP&AR; documents
• invoices and billing information (customers and ventors)
• leases
• contracts with clients and suppliers

7 years:

• expense reports
• employee agreements/contracts/termination records
• documents related to litigation
• inventory documentation

3 years:

• employment applications
• employee disability and illness benefit records
• expired insurance policies
• general correspondence

This information is helpful but our favorite rule of thumb is to "save everything" and keep anything older than a few years in storage.  Call me today for a FREE on sight analysis so I can show you how to free up time and money your business is spending on maintaining records with Records Management&Storage in our secure facility.   Call Margo Pfeiffer today at (478)333-6448