Which financial records should I keep and how long for?

Question

bank statements
pay slips
credit card statements

Answer 1

I keep all bank statements and credit card slips for a chronological year. I have accordion files that I use for all these kinds of things, with pockets designated for one particular thing. Then when the year is over, I put that file into storage (in my closet), and start another for the current year. When I put one year into storage, I always throw out the previous year's receipts. I have previously burned these, but find that putting them through the shredder is easier.

But for other things, like house taxes and house insurance and tax returns, I keep for 10 years. The government has the legal right to question your returns for up to 10 years (in some instances) so this is how long I keep everything that was necessary to the filing of those taxes. These things are stored in boxes in my basement under the stairs...out of the way, but easily accessible in case. And since I was audited once, I know that it can happen at any time, for any reason.

Answer 2

Statute of limitations for debt is six years, so Bank Statements, Cheque Book stubs, Credit Card statements and vouchers should be kept for this time. In addition, any account books that you maintain together with invoices for material purchases are worth keeping for a similar period.

The Inland Revenue can go back three years for a back-duty investigation and if discrepancies are found, then a further three years etc. I keep P60s indefinitely but payslips are really a matter of personal choice - a couple of years is probably about right.

Answer 3

Credit card statements you can shred as soon as your are happy that they are correct, they are nobodies business but yours in essence.

Pay slips people often say 7 years as this aligns with the tax man, but minimum 2 years.

Bank statements again minimum 2 years

Answer 4

Tax documents: IRS can audit back 3 years. counting on what state, many times they audit back 4 years. besides the indisputable fact that, in the event that they hit upon fraud or tax evasion, they might pass back so a techniques as they choose. Brokerage assertion: existence of the investment economic business enterprise assertion: if there is pastime earnings, same as tax documents. mastercard assertion: if there are receipts that have been used for tax deduction, see tax documents. otherwise, a minimum of one 365 days, in case of procuring products with warranties. Mutual fund checklist: existence of the investment

Answer 5

If this is for you personally and not for a business, I'd keep them all for about two years.

I don't really think there's much need to keep pay slips at all if you check them at the time you get them. Just keep the P60 form you get at the end of the tax year.

Answer 6

pay slips, bank statements and credit card statements i would recommend keeping for 6 mnths. my dad says a year but i dont have that much drawer space lol

Answer 7

Keep the receipts of any goods you buy for one year, in case you have to claim under the guarantee.

Keep anything you might need for tax enquiries for 6 years.(This is advised by the tax office)

Anything else, shred

Answer 8

Keep everything for 7 years. The IRS could come after you up to then (well, actually forever if you falsified your tax return). The norm is seven years.

Answer 9

As a practise in business, most records are kept for seven years. Privately you can keep them longer, but seven years at least.

Answer 10

Any thing to do with taxes you should save indefinitely... the IRS can and will go back as far as THEY choose...YES even if it is 20 years. If they find discrepancies they have the right to dig deeper.

If your papers have nothing to do with actual tax prep. then 3 years is good.