H2R CPA Blog

How Long Should I Keep Financial Records?

by H2R CPA Team

How long should tax returns, credit card statements, loan documents, and other important paperwork be kept? Whether running a household or a business, it is important to know when it is safe to dispose of financial and legal documents. 
It is extremely important to hold on to financial paperwork in the case of an IRS audit or other type of examination. However, retaining unnecessary records takes up valuable storage space that could be made available for more important documents. Not many of us have the extra space needed to retain everything we think might be needed for future reference.

Establishing a retention schedule that takes into account state and Federal regulations in addition to any specific industry standards can sometimes be a daunting task. The team at H2R CPA put together Records Retention Schedules for Individuals and Businesses as a helpful tool that you can download. (Please keep in mind that this information is provided as a general guideline only.)

If you have questions about your tax or accounting records, contact H2R CPA at 412-391-2920 or team@h2rcpa.com. If you would like a printed copy of Records Retention Schedules for Individuals and Businesses, please submit your request to marketing@h2rcpa.com.