AHHH!!!! I have all these papers and I need to clear them out. What should I do?

Question

I have money order receipts, car insurance receipts, pay stubs that are 7 years old, parking ticket violations (That I've paid, thank you.) and old bank statements. What do I keep and what do I toss?

Answer 1

You have some good answers already.

I just wanted to add, if you want to shred/toss things that are old but you are in doubt if you should, scan them and save them on a disc. Saves space.

Answer 2

I would suggest keeping most everything for the past 7 years in case you ever get audited. It's really not as insurmountable as it seems. Keep any receipts you've used to declare a deduction on your taxes. Organize by year. Create a folder, or bin depending on how much stuff you have, and go through year by year combining everything from that year (ie., bank statements, credit card statements, receipts, payroll stubs). Do this every year and weed out anything over 7 years old. Shred everything else.

Answer 3

You probably only need the most current (last year or two, things you may still need for tax returns etc...). As for the other stuff, I suggest you buy a paper shredder and get to making some confetti. Identity theft is so common these days, don't give thieves the means to succeed.

A good filing system is good to keep the current stuff. File folders work great, and you can buy plastic bins that these folders fit nicely into (great for storage of older files you don't need, but would like to keep- I.e. rent statements etc...)

Hope this helps!

P.S. Organizing them is worthwhile...it will save you time in the long run if you need to recall something specific, then you won't have to spend tons of time looking for the danged thing (s).

Answer 4

Hi ELDreamer,
I disagree with the previous answerers' the three year rule. If the IRS audits you and then accuses you of fraud (remember the burden of proof is on you--opposite of courts), they can demand records up to seven years old.

I also disagree with previous answerers' suggestions to organize them. Spend your time on things that give you a payoff in life--whether creating wealth, happiness, relaxation or whatever you want. Filing receipts doesn't do that *if you have already done your tax returns for the years of those receipts*.

I hope this helps you.
Leafgreen

Answer 5

most receipts only need to be kept for about 3 years. bank statements and tax statements should go back about 5 years. anything else you can probably shred and throw out.

Answer 6

I keep everything for 3 years, anything older than that I toss and I have a lil filing system, where everything has a place if I need to find it again someday :)

Answer 7

Keep it as long as you think you will need them. Make sure you shred them or they will fall into the wrong hands.

Answer 8

Get filing folders and cabinets. Sort them out into sections. ex: government, business, bills, paid bills, etc.

Answer 9

old bank statements

Answer 10

receipts and voucher are important for your income tax stmt, if your income is below the income tax limitations then it would not be needed,,,,
thank you
but all must be needed for your reference....