Great Info Tips

To avoid an over abundance of paperwork in your filing cabinet or on your desk, I can give you some tips on what to keep and for how long. If you have a tendency to put all the receipts in your desk drawer, I would advise you to either get a small file cabinet or get better organized so you can find what you need if necessary.

Utility bills and credit card receipts you can keep for 1 month. However, there is one thing I should mention here. Should you purchase something expensive such as a fridge, washer, dryer, etc. by credit card, keep that receipt with the paperwork you received when you bought these items. It’s important and may come in very handy should the appliance quit on you in a month or two. I would suggest that any item purchased by credit card over $100 should have a receipt kept in a safe place. Better to be safe than sorry down the line.

Credit card statements can be toss out after 6 to 11 months. Checkbook ledgers, bank statements, canceled checks, insurance policy declarations pages can be tossed after 1 year. Tax returns and their supporting documents along with 1099 interest statements should be kept for 7 years. You should keep any medical bills and claim forms plus receipts for deductible expenses for your tax returns for that year.

The following need to be kept indefinitely in a fireproof box at home: wills, living wills, medical and burial directives and power of attorney forms. I would suggest making copies of all the above and keep them along with home deeds, real estate certificates, auto titles, insurance policies, stocks, and bonds in a bank safe deposit box. These will also need to be kept indefinitely.