I'm trying to get organized. Which receipts should I keep and for how long should I keep them for?

Answer 1

You need to keep business receipts for 7 years.
You should keep warranty receipts for the life of the warranty
After one year go and put all the receipts i.e. utilities, household stuff, etc. in a large manila envelope and put it in a large box dated with the year. This way you will have reference is anything may show up in a few years.

Answer 2

Keep all receipts for 2 years, Income Tax for 7 years. Everything else is garbage.

Put all your bills in order by month from Jan - December for each year.

Telephone bills - January - December
Credit Card Bills - January - December
Cable or Sattelite Bills - January - December

Put an elastic band around each group then take all the bills for one year and put a big rubber band around the entire year.

This year for example you would have your receipts for bills for 2004 & 2005 and have folders for the bills for 2006.

At the end of 2006 you take all those receipts out and put an elastic around them and take the receipts from 2004 and shred them or burn them in your fireplace.

Answer 3

I keep my receipts for at least 30 days. I specifically keep debit and credit card transactions. At the end of each week I spend about 30 minutes on-line at my bank or credit card website and I check to make sure I wasn't double-charged or charged an incorrect amount. Any purchases over a few hundred dollars I try to hold onto them longer.

Answer 4

Separate them in three piles.

1. Important Tax claims (for refunds) (keep them for as long as you need em, plus a year after you claim them just incase)
2. Over $100 spent receipts (a year max, or for how long the warranty is on products you've bought)
3. Under $100 (3-6 months, or warranty, returns etc.)

Answer 5

Any receipts you claim on your income taxes keep with your tax returns.
Keep tax bills, like for home etc. Homeowners insurance,
House payment. Any work done on the house.
Medical receipts/dental receipts.
Gas receipts for work
Investments
gas/electric bills
Church receipts
donations given
that is just a few..hope I helped you. Other receipts you hold for 10 yrs, then you can discard them

Answer 6

You may want to check with your CPA. They used to tell us 7 years just in case the IRS shows up and you need your proof. Now I hear it depends on what receipts. For example, if you own your own business or have travel expenses and the like, those should be held for the longest period. But, best to check because things have changed in the last few years. The head of the IRS under Bush is in a word "jerk" who thinks all Americans cheat on their taxes. So, best to be ready for just about anything these days with that guy lurking around.

Answer 7

If you pay an excise tax. Do not throw that receipt away for 10 years. Lock up all receipts and papers,(birth records,marrige records,insurance papers) that may be of importance in a fireproof box.

Answer 8

I usally keep All of my receipt in various folders so 5 different subjects can go in 1 folder if you have more than 5 so for instance. utiliy receipts can go in one....private spending in another and so one and so on. It makes a difference in your life when your organized! less stress.

Answer 9

You should keep your receipts for the products that are still under warranty, and maybe even then for another year yet.

Answer 10

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