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When to toss your financial records

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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.

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