Sunday, September 27, 2015
how long records should be kept? us and uk perspective and universal suggestion
practical suggestion with less time retentions>>>>
http://www.goodhousekeeping.com/home/organizing/tips/a27006/important-papers-to-keep/
Bank statements
One month. You just need these long enough to check the accuracy of the transactions [Williams]. Unless the statement is your only record for a tax-related transaction, there's no need to keep them longer. Plus, your bank will have them available online.
Retirement plan statements
Most, one year, for tax purposes [Rich]. Keep Roth IRA statements until you retire, to prove you already paid tax on your contributions [Rich].
Credit card statements
Shred immediately after checking the accuracy of the transactions [Williams]. These documents are a prime source for identity theft. Unless the statement is your only record for a tax-related transaction, there's no need to keep them longer. Plus, your issuer will have them available online.
Paychecks
One year, until you receive your W-2 [Rich].
Bills utility and others
One year, for tax purposes [Rich].
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records?
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.30 Jun 2015
Period of Limitations that apply to income tax returns
Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
Keep records indefinitely if you do not file a return.
Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Tax returns sent on or before the deadline for UK
https://www.gov.uk/keeping-your-pay-tax-records/how-long-to-keep-your-records
You should keep your records for at least 22 months after the end of the tax year the tax return is for.
Example
If you send your 2013 to 2014 tax return online by 31 January 2015, keep your records until at least the end of January 2016.
Detailes suggestion on many items
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
http://www.goodhousekeeping.com/home/organizing/tips/a27006/important-papers-to-keep/
Bank statements
One month. You just need these long enough to check the accuracy of the transactions [Williams]. Unless the statement is your only record for a tax-related transaction, there's no need to keep them longer. Plus, your bank will have them available online.
Retirement plan statements
Most, one year, for tax purposes [Rich]. Keep Roth IRA statements until you retire, to prove you already paid tax on your contributions [Rich].
Credit card statements
Shred immediately after checking the accuracy of the transactions [Williams]. These documents are a prime source for identity theft. Unless the statement is your only record for a tax-related transaction, there's no need to keep them longer. Plus, your issuer will have them available online.
Paychecks
One year, until you receive your W-2 [Rich].
Bills utility and others
One year, for tax purposes [Rich].
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records?
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.30 Jun 2015
Period of Limitations that apply to income tax returns
Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
Keep records indefinitely if you do not file a return.
Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Tax returns sent on or before the deadline for UK
https://www.gov.uk/keeping-your-pay-tax-records/how-long-to-keep-your-records
You should keep your records for at least 22 months after the end of the tax year the tax return is for.
Example
If you send your 2013 to 2014 tax return online by 31 January 2015, keep your records until at least the end of January 2016.
Detailes suggestion on many items
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
Labels: management
# posted by Abu Rashid @ 4:22 AM 
