All About Record Retention, a.k.a. How Long You Should Keep Important Documents

We are often asked, “How long do I need to retain various documents in my records?” Using the American Institute of Certified Public Accountants’ (AICPA’s) Filing and Record Retention Procedures Recommendations as a guide, we’ve compiled a list that provides guidance as to how long various types of documents should be retained. Regardless, any document that is required to substantiate a tax deduction should be kept for a minimum of seven years.