Q: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
How long you keep a document depends on several factors: Is it a legal document? In other words, will you one day need it to prove something? Does it contain financial information that you need for your taxes? Is it sentimental? If the answer if yes to any of those questions, you should hold onto that document. If not, it should be shredded. Here's how long you should keep your tax filings, pay stubs, and other important financial records. It's easy to get in the habit of hoarding financial documents with the rationale that maybe, someday, you'll need them again. If the purchase has a manual or warranty, store all the documents in the same electronic and physical location. Sadly, the IRS has ruled bank or credit card records to be insufficient documentation. As a result, just keep your statements long enough to reconcile your account. If the purchase was a business or tax-deductible expense, record the expense and why it justifies the deduction. Store this information with or on the receipts. Second, keep brokerage statements indefinitely for taxable accounts. The ADEA requires the retention of the same records for one year for employers with twenty or more employees. Title VII and the ADA require that basic employee demographic data, pay rates, and weekly compensation records be retained for at least one year. Where Should Records Be Kept? Records should be stored together in a safe, dry area, preferably in a storage closet on site or with the management company. Permanent records such as board minutes should be kept in a fireproof cabinet. It is not uncommon for the management company to retain most of the permanent records and the current records. How Should Records Be Kept? Records should be stored in uniform size record storage boxes. If records are to be destroyed after a certain date, write on the box the destruction date. Number the boxes so that they can be kept in order. Keep a separate listing of the contents of each box. Drug Test Records: 1 Year or 5 Years for Transportation Jobs. If you require drug testing for pre-employment, it's part of the hiring record and you should keep a copy of the results for one year. If you do additional drug testing, whether due to an incident at work or as part of a random check, you also need to maintain these records for one year. How to Store Your Files. 1  Use a fireproof safe or password-protected electronic file for the following: Bank and investment statements, estate-planning documents, pension information, insurance policies, pay stubs, tax documents, and your safe-deposit box inventory list. Comments (3) Leave your comment. 1  Dear Ms. Elle, Your advice to electronically store tax records on an external drive is spot on. 2  At the start of the new year, this is a great article to review. 3  Thanks, A very useful information. A answered. You should keep medical records for major medical events indefinitely. It's important to keep your medical records updated, especially with vaccinations, major illnesses and reactions to medications. An outdated health record is of limited use when you need immediate medical care. Always keep your health insurance information and contact number for your physician up-to-date. It may prudent to hang onto medical bills for at least a year should there be a dispute over a reimbursement. Some experts recommend maintaining records for five years from the time that treatment of a condition ended. It is better to keep something for too long than not long enough. Hiring Records: 1 Year You need to save all of those resumes, interview notes, applications, and job postings, and even a record of your searches through your applicant tracking system for one year after the decision to make a job offer was made. Query: how long should we keep records
A:
Some experts recommend maintaining records for five years from the time that treatment of a condition ended.