Document Retention NJ | What to Keep & For How Long
- Gregory Monaco, CPA
- 5 days ago
- 1 min read
Document Retention NJ — Keep It Safe, Not Stressful
Wondering how long to keep receipts, tax forms, or payroll records? Every small business needs a document retention NJ plan that balances compliance with clutter control.
The IRS Rule of Thumb
Keep business tax records for at least 3 years, but in some cases, up to 7 years or longer.
Quick Reference Chart
Document Type | Minimum Retention | Notes |
Tax Returns & Support Docs | 7 years | Keep all filed returns & backup records |
Bank & Credit Statements | 3–7 years | Reconcile monthly before archiving |
Invoices & Receipts | 7 years | Especially those tied to deductions |
Payroll Records (W-2s, 941s) | 7 years | Required for both IRS & NJ compliance |
Corporate Documents (LLC/S-Corp) | Permanent | Articles, EIN, bylaws, ownership records |
Fixed Asset Purchases | Life of asset + 7 years | For depreciation tracking |
Loan Agreements | Life of loan + 7 years | Retain payoff confirmations |
Digital vs. Paper
Scanned copies are fine — the IRS accepts legible electronic versions. Just ensure secure backups (Google Drive, Dropbox, or your CPA portal).
CPA Tip:
An organized document retention NJ system simplifies tax prep and speeds up audits.
Need Help Organizing Your Records?
Contact Gregory Monaco, CPA LLC in Livingston, NJ for help building a secure, compliant document retention plan. We’ll set up cloud storage folders, retention rules, and disposal checklists tailored to your business.
Gregory Monaco, CPA | Livingston NJ (serving NJ + virtual nationwide)