How long do you need to keep tax and business records?

Some tips to save yourself some headaches.

The boxes are piling up, filled with paperwork ­­from the last umpteen years –– tax returns, bank statements, canceled checks, bank deposit slips, investment statements, contracts and agreements, sales receipts for major purchases, insurance policies, real estate records, property tax statements, mortgage agreements, medical records, and on and on.    

Even if you’ve gone electronic, you likely still have hard copy files from the past that you would be delighted to get rid of once and for all.  BUT, do you dare?  What if you or someone else needs proof of this or a copy of that, and you’ve pitched the paperwork?  What then? 

We offer the following guidance and checklist as to what records to save and for how long.

Rule #1:          

Follow IRS rules to the letter.  If you are self-employed or are a small business owner, go to and save their single-page summary entitled “How long should I keep records?”

Rule #2:          

Ask your accountant or financial advisor to provide you a comprehensive list of what personal and business-related records to save and for how long. 

At Lenox, we assist our clients in all parts of their financial life, not just in managing their portfolio.   Have a question?  Need some specific information?  Please let us know.  Knowledge is one more way we can help you FUND A LIFE YOU LOVE.

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1 hour review.  Call 513.618.7080 or contact us here to Fund a Life You Love.


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This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.