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Chanel

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question on imporant papers
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Okay ladies I keep  a years worth of paid bills such as rent, utilities, auto insuarnace , credit cards in my file cabniet but the older ones I keep in a big box. Do I need the older  or can I throw them away? I know I keep my check stubs and income tax for longer. 

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Hermes

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the rule of thumb is 2 years.  but I have the bad habit of keeping everything forever


 



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Chanel

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Thanks Detroit! Iam so ready to get rid of some of those papers     

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Marc Jacobs

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Not sure exactly what all you have but for income tax purposes the IRS puts the time line at 5-7 years (which is riduculous but I think they can decide in 2005 to audit your 2002 form if they wanted so that is why they do 5-7 years - likelihood of them doing that is slim to none though but its hell to be audited I can attest) so if its really important just hold on to it a tad longer (bills you should keep, donation forms, etc).  If its stuff like stupid kroger receipts or something toss it.

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Gucci

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Generally, the statute of limitations on IRS audits is 3 years.  There is more specific info here:  http://www.wwwebtax.com/audits/statute_of_limitations.htm


I usually keep tax related stuff forever.  So far, I've just filed a 1040 w/ the standard deduction, so I don't have much.


Bills and other stuff I tend to keep for three years, altho I don't think that is necessary.


I think it is a good idea to shred those documents rather than just throwing them away.


 



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Hermes

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LOL! Man, I thought I was the only pack-rat, I do the same thing; when I try to get rid of them, I feel like I'll be missing something...... LOL


detroit wrote:




the rule of thumb is 2 years.  but I have the bad habit of keeping everything forever  





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Dooney & Bourke

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All tax related documents I keep for 7 years. All others I keep for 1-2. I just got ride of all my 2004 stuff.



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