You've got 11 months before the next tax day. What can you do to make it easier on yourself?
How long do you need to keep what paper? It's time for Financial Spring Cleaning. Listen to the show to learn what you should do about your retirement accounts, insurance, beneficiary information, debts, and automated payments.
It's time to evaluate your tax withholding, charitable giving, and scheduled medical procedures. Keep good records for yourself and your family for emergencies, disasters, or in case of death.
- Keep Sales Receipts until warranty expires or can no longer return or exchange
- 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
- Utility Bills
- Cancelled Checks
- Credit Card Receipts
- Bank Statements
- Quarterly Investment Statements
- 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
- Records of Selling a Stock
- Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return
- Annual Investment Statement
- What to keep for 7 years: Records of Satisfied Loans
- What to hold while active:
- Contracts
- Insurance Documents
- Stock Certificates
- Property Records
- Stock Records
- Records of Pensions and Retirement Plans
- Property Tax Records Disputed Bills
- Home Improvement Records
- Keep Forever
- Marriage Licenses
- Birth Certificates
- Wills
- Adoption Papers
- Death Certificates
- Records of Paid Mortgages
*These documents should be kept in a very safe place, like a safety deposit box.
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