Frequently Asked Questions
FAQ
Your Questions, Answered
When can you shred your original tax returns?
Never. Your original tax returns should be kept permanently. If your children or family inherit your estate and there’s a tax question, they’ll need your original tax return.
When can you shred receipts that are declared on your tax report?
The general rule is that most taxpayers should keep supporting records for 5-7 years.
When do you shred property documents?
Not until the statute of limitations has run out on the return that reports the sale of that property.
When can you shred your bank statements?
6 years after your taxes were filed.
When can you shred your canceled checks/bank deposit slips?
5-7 years after your taxes were filed.
When can you shred daily sales records?
3-4 years after your taxes were filed, after a sales audit, or 4 years, which ever is longer.
When can you shred meeting minutes?
You should keep all meeting minutes for the life of the company.
When can you shred depreciation schedules?
As long as the asset is used in business for at least 4 years.
When can you shred auto mileage logs?
After completion of federal & state tax audits or 5 years, whichever is longer, or for the life of the vehicle.
When can you shred entertainment records?
5 years from the time you file your taxes.
When can you shred your copy of Form W-2?
Never. These should be kept in your permanent records.
When can you shred real estate records?
Never. These should be kept in your permanent records.
When can you shred your expense reports/entertainment records?
5 years from the time you file your taxes.
When can you shred paid vendor invoices?
5 years from the time you file your taxes.
When can you shred your annual financial statements?
Never. These should be kept in your permanent records.
When can you shred your corporate stock records/general ledger & journals?
Never. These should be kept in your permanent records.
When can you shred IRA contribution and distribution records?
5 years after the final distribution, the account will be closed.
“ShredPro, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal,or accounting advice. You should consult your tax, legal, and accounting advisors before engaging in any transaction.”