Which Documents to Keep, and for How Long

The question is not whether to keep records but which ones and for how long. Here is a practical version.

Keep permanently

Copies of every tax return you have filed. The return itself, not necessarily every supporting receipt.
Birth, marriage and death certificates.
Social Security cards and ITIN letters.
Immigration and citizenship documents.
Property deeds and vehicle titles, while you own the asset.
Business formation documents and your EIN letter.
Retirement account records.

Keep for several years

Supporting documents for tax returns — W-2s, 1099s, receipts, mileage logs.
Bank and credit card statements.
Payroll records, if you are an employer.
Business expense records.
Insurance policies, while in force and for a period afterward.

Retention periods for tax records depend on the situation, and they are longer in some circumstances than the general rule suggests. Ask rather than assuming, particularly for a business.

How to store them

01Scan everything important and keep a digital copy somewhere that is not only your phone.
02Keep originals of vital documents somewhere secure and fire-resistant.
03Organise by year and by category, not in one pile.
04Tell someone you trust where they are.
05Shred rather than bin anything with account numbers or identifying information.

The document people most often cannot find when they need it is a prior year tax return. Keep them, permanently, somewhere you can reach.