INDIVIDUAL RECORDS RETENTION PERIOD ...... for seven years      

Cancelled Checks?
Years Bank Deposit Slips?
Years Bank Statements?
Years Supporting Documents for Tax Returns?
Years Tax Returns Permanently
BUSINESS RECORDS RETENTION PERIOD       
Accident Reports/Claims (Settled Cases)?
Years Accounts Payable Ledgers And Schedules?
Years Accounts Receivable Ledgers And Schedules?
Years Bank Statements?
Years Charts Of Accounts Permanently Checks
Cancelled Checks For Important Payments,
Special Contracts,
Purchase Of Assets,
Payment Of Taxes, etc. 
Checks Should Be Filed With The Papers Pertaining To The Underlying Transaction Permanently



Accident Reports/Claims (Settled Cases)?
Years Accounts Payable Ledgers And Schedules?
Years Accounts Receivable Ledgers And Schedules?
Years Bank Statements?
Years Charts Of Accounts Permanently Checks (Cancelled Checks For Important Payments,
Special Contracts,
Purchase Of Assets,
Payment Of Taxes, etc.
Checks Should Be Filed With The Papers Pertaining To The Underlying Transaction Permanently Purchase Orders? Years
The normal statute of limitations on federal returns is three years. Under some circumstances it is six years, and if you fail to file a return or there is fraud involved, the statute of limitations does not close.
This means that the Internal Revenue Service under nominal conditions would audit your return any time up through three years. Since the statute of limitations in some states exceeds the federal statute, you should tailor your years of retention to the longer of the two statutes. For example, Kentucky has a four-year statute of limitations. Therefore, you should keep the above items for four years.