• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

When to toss your financial records

by on
in Office Management,Records Retention

It’s easy to get buried by the paperwork involved with managing your personal finances. Luckily professional organizer Regina Leeds and Book­­keeping Express CEO Greg Jones have some simple advice on how long you need to save different types of paperwork.

  • Forever. Never throw away vital paperwork such as partnership documents, contractual agreements, property records, deeds and titles.
  • Six years. The IRS recommends saving your federal and state tax returns and necessary documentation for six years.
  • Three years. Income-related documents, proof of deductible purchases and expenses, and receipts for charitable contributions should be kept for three years.
  • Not at all. As soon as you reconcile receipts with your bank account and check that bank statements are correct, you can shred and recycle those papers.

— Adapted from “How Long Do You Really Need to Keep Your Financial Documents?” Stephanie Vozza, Entrepreneur.

Leave a Comment