I have a file cabinet and a bunch of papers?

Question

What should I really be keeping? Do I need to save all old statements for credit cards? Bank Statement? Phone bills?
Gas and electric bills? Pay stubs? These are things that I keep but it just adds more folders and I never look at them again. Is there any point of keeping them and if so , Why?

Answer 1

On anything pertaining to your taxes, 7 years ( thats as far back as they can go w/ an audit).

On Bills... trash/shred them, unless they are improvements to your home or something that you are counting towards itemized deductions on your taxes....then keep them with bank records and other tax return related receipts up to 7 years....

Answer 2

For most bills a year is plenty. Each time you put one in the file, take the oldest out. The same with credit card bills, just pull out and save any receipts for large items.

Keep pay stubs until you get your W2 form.
Bank statements for 3 years.
Any statements relating to your income tax return for 5 years.

Answer 3

I think you have to organize by year, from now to 7 years before and that's it.

If you can hire an accounter it can have all those papers for you (only save for you personal papers, Bank statements or property stuff)

The only reason you "have to" keep them is if by mistake the phone company or any company that you have paid already your service says that you didn't... so if you have them you can prove that you did it, if you don't have them even when you know that you paid them... you'll end up paying twice or suit them.... so it's less trouble if you just keep what you need in case someone try to be a smart@#$ with your money.

Good luck.

Answer 4

With the ease of requesting statements, etc. online I'd say nothing needs to be kept over 12 months.

Retention for documents such as tax returns and pay stubs should be three years.

Answer 5

I am the Archival Records person in my office. Rule of thumb is keep copies of your bills, pay stubs, certificates and bills of sale, etc. for a mininum of 7 years. Misc. papers keep a minimum of 5 years. Keep important documents like your homeowner's insur., titles, certificates indefinitely until there are changes.

Answer 6

It is important to keep receipts but you cannot keep them a year that's too long, whenever you get the new one get rid of the old one. Even the bank statements six months is more than enough.

Answer 7

To mount you will need POWER ISO To burn file win xp can burn file by inserting blank disk and draging file on it or you can use POWER ISO TO BURN AS WELL

Answer 8

out side of my tax returns i throw every thing else away -- been doing it for 50 years and had no bad moments yet!!!