Need to know how long to keep your records?  

Record Retention Period
Accident reports/claims (settled cases) 7 years
Accounts payable ledgers and schedules 7 years
Accounts receivable ledgers and schedules 7 years
Audit reports Permanently
Bank reconciliations 2 years
Bank statements 3 years
Capital stock and bond records Permanently
Cash books Permanently
Charts of accounts Permanently
Checks (canceled-see exception below) 7 years
Checks (canceled for important payments, i.e. taxes, purchases of   property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying  transaction) Permanently
Contracts, mortgages, notes, and leases (expired) Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters only) Permanently
Correspondence (routine) with customers and /or vendors 2 years
Deeds, mortgages, and bills of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense analyses/expense distribution schedules 7 years
Financial statements Permanently
Garnishments 7 years
General/private ledgers, year-end trial balances Permanently
Insurance policies (expired) 3 years
Insurance records, current accident reports, claims, policies, etc Permanently
Internal audit reports (longer retention periods may be desirable) 3 years
Inventories of products, materials, and supplies 7 years
Invoice (to customers, from vendors) Permanently
Journals 7 years
Magnetic tape and tab cards 7 years
Minute books of directors, stockholders bylaws and charter Permanently
Notes receivable ledgers and schedules 7 years
Option records (expired) 7 years
Patents and related papers Permanently
Payroll records and summaries 7 years
Personnel files (terminated) 7 years
Petty cash vouchers 3 years
Physical inventory tags 3 years
Plant cost ledgers 7 years
Property appraisals by outside appraisers Permanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans Permanently
Purchase orders 7 years
Receiving sheets 1 year
Retirement and pension records Permanently
Requisitions 1 year
Sales commission reports 3 years
Sales records 7 years
Sales Invoices 7 years
Scrap and salvage records (inventories, sales, etc) 7 years
Stenographers’ notebook 7 years
Stock and bond certificates (canceled) 7 years
Stockroom withdrawal forms 7 years
Subsidiary ledgers 7 years
Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability 7 years
Time books/cards 7 years
Trademark registrations and copyrights 7 years
Training manuals 7 years
Union agreements 7 years
Voucher register and schedules 7 years
Vouchers for payments to vendors, employees etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) 7 years
Withholding tax statements 7 years