Save Amount Document For Free

Shredding Documents Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years. Pay Stubs: Match them to your W-2 once a year and then shred them. Utility Bills: Hold on to them for a maximum of one year.

What Are The 5 Kinds Of Records That Must Be Kept? Accounting Records. Keeping accounting records allows you to keep track of all the transactions in your business. ... Bank Statements. Your bank statement shows the details of all your accounts. ... Legal Documents. ... Licenses and Permits. ... Insurance Documents.

Examples are things like your birth certificate, marriage certificate, Social Security cards, retirement accounts, life insurance documents, will and powers of attorney. You need to keep all of these things?forever. Your birth certificate, marriage certificate and Social Security card matter most when you're alive.

Store Hard Copies Safely Ideally, the safe should be bolted to a floor or wall or tucked away in a hard-to-find spot. A home safe allows access to documents when you need them right away. An alternative is a safe deposit box that you rent at a bank.

Record Retention Guide for Individuals RecordRetention PeriodW-2s7 years1099s7 yearsCancelled or substitute checks supporting tax deductions7 yearsBank deposit slips7 years21 more rows

Ing to the IRS, you should keep your records for three years from the date you file your original return or two years from the date you paid the tax. Yet, the IRS may ask about returns filed in the last three to seven years, which is why it's always a good idea to keep your bank statements for longer.

Knowing that, a good rule of thumb is to save any document that verifies information on your tax return?including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts?for three to seven years.