Paper Records what you should Toss and what to Keep

[centsgirl]

The most important documents to keep are your annual tax returns, you should keep the actual returns forever, but you can get rid of the supporting documents after three years. That's how long the IRS has to initiate an audit. Once the time elapses, then just toss the records, but shred any that reveal your Social Security number or any personal information.

What is safe to toss out ATM receipts, bank withdrawal and deposit slips, and credit-card receipts can go through the shredder after you've checked them against your monthly statements. Rebecca Eddy, founder of Eddy & Schein In-Home Administrators for Seniors, says one client kept every single pay stub she had ever received. That's overkill. Just keep them until you get your Form W-2. You can also get rid of paper copies of most monthly bills -- for credit cards, utilities and cable ,unless you need them for tax purposes.

[Rae74]

I was watching the morning show the other morning and they said to keep all of the receipts and other papers that you use for tax purposes for seven years.The IRS does not audit more than seven years back.

They also said to make sure that you shred all of your bills and papers with as much as your name and address on it much less your social security number or birth date on it. Thieves use any of these information devices to steal and take advantage of you.

[dimetime]

When it comes to this kind of stuff I tend to keep EVERYTHING, including Receipts. You never know what you are going to be needing later down the road. I know that your supposed to keep everything for seven years though I have yet to get rid of anything.

I just keep getting this feeling every time I go to shred the oldest of things that I am going to have a need for it. So I just store it all and maybe one day I will get the nerve to actually clean out that storage container.