6 years
1 If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. 2  Under these circumstances, you may generally wish to retain your supportive records for at least 7 years. 3  Employment Tax Records. 1 Excluding employment tax records, files relating to current employees should be retained while they are working for you and at least 7 years after a current or former employee has left or been terminated. 2  For any job applicants who were not eventually hired, keep these files for at least 3 years. Often swamped with paperwork, many entrepreneurs wonder how long you should keep business records. The answer depends a great deal upon whom you ask and what the record pertains to in your business. The IRS sets some basic record retention standards for tax records. 1 Excluding employment tax records, files relating to current employees should be retained while they are working for you and at least 7 years after a current or former employee has left or been terminated. 2  For any job applicants who were not eventually hired, keep these files for at least 3 years. In some cases, you may need to hang onto your records longer than three years. For instance, you should plan on keeping tax forms for retirement accounts such as IRAs until seven years after the account is completely wiped out.  1 Bank Statements (Unless needed for tax purposes and then you need to keep for 3 years). 2  Quarterly Investment Statements (Hold on to until you get your annual statement). 3  Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you filed a tax return. 1 Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you filed a tax return. 2  If you omit 25% of your gross income that goes up to 6 years and if you don't file a tax return at all, there is no statute of limitations.). You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years. You file a fraudulent return; keep records indefinitely. You do not file a return; keep records indefinitely. You file a claim for credit or refund after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. Length of time to keep, and why: Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors. 2  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund. Credit card receipts and statements. Length of time to keep, and why: From 45 days to seven years. 1  Keep your original receipts until you get your monthly statement; shred the receipts if the two match up. 2  Keep the statements for seven years if tax-related expenses are documente How long to keep records. You must normally keep records for at least 6 years from the end of the last company financial year they relate to. You may need to keep records longer if: 1  they show a transaction that covers more than one of the company’s accounting periods. 2  the company has bought something that it expects to last more than 6 years, like equipment or machinery. 3  you sent your Company Tax Return late 1 Typically, the IRS can come after your business for failing to report income for up to 6 years after your filing if the amount is greater than 25% of your business’s gross income. 2  If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. 1 Excluding employment tax records, files relating to current employees should be retained while they are working for you and at least 7 years after a current or former employee has left or been terminated. 2  For any job applicants who were not eventually hired, keep these files for at least 3 years. Keep monthly statements for one year; you can dump them if your annual statement summarizes all activity. Keep the yearly summaries as long as you own the security, plus seven years. You need proof of your purchases to prove capital gains and losses on your tax return. 
http://www.nolo.com/legal-encyclopedia/how-long-should-you-keep-business-records.html http://www.nolo.com/legal-encyclopedia/how-long-should-you-keep-business-records.html http://blogs.hrblock.com/2013/08/18/store-or-shred-how-long-you-should-hang-onto-tax-records/ http://apps.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=20&TnavID&AreasofExpertiseID=17 http://www.goodfinancialcents.com/how-long-should-you-keep-bank-financial-tax-statements/ http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx https://www.gov.uk/running-a-limited-company/company-and-accounting-records http://www.nolo.com/legal-encyclopedia/how-long-should-you-keep-business-records.html http://www.creditcards.com/credit-card-news/what-records-keep-how-long-1267.php
how many years do you need to keep your financial records