What To Keep And What To Get Rid Of

Keep till warranty expires or can no longer return or exchange
      Sales Receipts (Unless needed for tax purposes and then keep for 3 years)

What to keep for 1 month
      ATM Printouts (When you balance your checkbook each month throw out the ATM receipts)What to keep for 1 year
       Paycheck Stubs (You can get rid of once you have compared to your W2 & annual social security statement)
       Utility Bills (You can throw out after one year unless you’re using these as a deduction like a home office –then                           you need to keep them for 3 years after you’ve filed that tax return)
      Canceled Checks (Unless needed for tax purposes and then you need to keep for 3 years)
      Credit Card Receipts (Unless needed for tax purposes and then you need to keep for 3 years)
Bank Statements
(Unless needed for tax purposes and then you need to keep for 3 years
      Quarterly Investment Statements (Hold on to until you get your annual statement)

What to keep for 3 years

       Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you
filed a tax return. If you omit 25% of your gross income that goes up to 6 years and if you don’t file a tax return at all,
there is no statute of limitations.)
      Medical Bills and Cancelled Insurance Policies
      Records of Selling a House (Documentation for Capital Gains Tax)
      Records of Selling a Stock (Documentation for Capital Gains Tax)
      Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return (Keep
3 years from the date the return was filed or 2 years from the date the tax was paid — whichever is later)
      Annual Investment Statement (Hold onto 3 years after you sell your investment.)

What to keep for 7 years
      Records of Satisfied Loans

What to hold while active
      Insurance Documents
     Stock Certificates
      Property Records
      Stock Records
      Records of Pensions and Retirement Plans
      Property Tax Records Disputed Bills (Keep the bill until the dispute is resolved)
      Home Improvement Records (Hold for at least 3 years after the due date for the tax return that includes the income or                loss on the asset when it’s sold)

Keep Forever
      Marriage Licenses
      Birth Certificates
      Adoption Papers
      Death Certificates
      Records of Paid Mortgages

* These documents should be kept in a very safe place, like a safety deposit box.

Moral of the story, scan your 1040s, state tax forms, and W-2. They should not be destroyed unless there is a scanned back-up! Also, check your statements every year. The SSA no longer mails them, so you’ll have to check them online.