24 June 2022 6:07

Bank statements – should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)?

How long do you need to keep bank statements UK?

Bank statements and utility bills do not have to be kept for any specific period of time, if you are not self-employed, but again it can be useful to keep these kinds of records for at least two years, if not longer.

What papers do I need to keep?

Important papers to save forever include:

  • Birth certificates.
  • Social Security cards.
  • Marriage certificates.
  • Adoption papers.
  • Death certificates.
  • Passports.
  • Wills and living wills.
  • Powers of attorney.

How long should you keep bank statements in Canada?

six years

Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.

How long should you keep bank statements in Australia?

five years

How long to keep banking records. Banking records need to be kept for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.

Should I keep old bank statements?

Key Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How long should you keep bank statements and tax returns?

3 TO 7 YEARS

KEEP 3 TO 7 YEARS
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.

What are the four must have documents?

This online program includes the tools to build your four “must-have” documents:

  • Will.
  • Revocable Trust.
  • Financial Power of Attorney.
  • Durable Power of Attorney for Healthcare.

How long should I keep credit card statements?

According to the IRS, it generally audits returns filed within the past three years. But it usually doesn’t go back more than the past six years. Either way, it can be a good idea to keep any credit card statements with proof of deductions for six years after you file your tax return.

What personal documents should you keep and for how long?

Keep forever.
Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How long should bank statements be saved?

Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you’ve used your statements to support information you’ve included in your tax return.

How long do you have to keep official documents?

Even if you don’t normally complete a tax return you should hang on to any documents relating to capital gains for around two years after the end of the tax year they relate to, as this will aid calculation of capital gains and losses.

Are credit card statements sufficient for tax deductions?

They require any form of acceptable proof such as receipts, bank statements, credit card statements, cancelled checks, bills or invoices from suppliers and service providers. Without the appropriate documentation, the IRS won’t allow your deductions. Remember, it’s better to be safe than sorry.

Do I have to provide bank statements for tax return?

Bank statements – For all your business accounts and for the period your accounts cover. You’ll probably have one main account, but if you have a deposit account or a reserve account, make sure to include these statements too. Don’t forget to include any cheque books and paying-in books if you still use these.

How long should you keep phone bills?

Monthly utility/cable/phone bills: Once you know the bill is correct, toss it. But if you deduct some of these costs on your tax return, you’ll want to save them with your return (more on that in a moment).

Can you use bank statements for taxes?

Bank statements will help track your business’s progress and, in turn, can serve as a financial record when it comes time to file taxes. These statements are a record of expenses to your business that include item descriptions and costs.

Does your accountant need to see your bank statements?

ACCOUNTS RECORDS
Your bank statements for ALL of your business accounts and for the WHOLE period. You’ll probably have one main account, but if you have a deposit account or a reserve account, they’ll still need to see the statements to track any movement during the year. Even if it’s just 6p interest.