Is it necessary to hold on to old phone bills for tax purposes or proof of payment?

Question

I just want to eliminate some clutter and I was wondering if I have to hang on to old phone bills for future reference. Thanks.

Answer 1

Unless you are making tax deductions based on your old phone bills there is no need to keep them more than a year. I pay my bills by cheque and then hold on to the old bills with the cancelled cheque stapled to them for a year. Unless you are making a business deduction on your tax forms there is no need to hold on to them longer than that. If you are using them for tax deductions you need to hold on to them for 5 years.

Answer 2

Once you've gotten the next bill, it should show your payment so you wouldn't need for proof of payment - even before that, you'd probably have something like a cancelled check.

Unless your phone calls were deductible, which most aren't, no reason to keep them.

Answer 3

The only reasons I could see hanging on to them would be if you had a business that had a lot of phone expenses, or if you claimed a large phone excise refund on your 2006 tax return. Otherwise, no.

Answer 4

It sometimes help to establish a credit record. Sometimes some people use it to show that someone lives at the address. Unless you run a business from home, dump them.

Answer 5

If they are business phone bills, you should hold onto them for a while - 5 years or so.

If they are personal, then you can probably chuck them.

Answer 6

If you made toll calls for work or other reasons that allow tax deductions, save the bills.

Otherwise, no.

Answer 7

You can trash them. The phone company can produce new ones if you need them.