Important Paperwork: What to Keep and for How Long

The Important Documents You Need to Keep Advertisement Depending what type of documents you’re dealing with, you need to store some of them for certain periods of time, others you can digitize.

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Tax season is the perfect time to start culling your paper and computer files and getting everything in order. This time of year, it's important to.

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The most important documents to hang on to are your annual tax returns. You should keep the actual returns forever, but you can get rid of the supporting documents after three years. That’s how.

It is important to keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place. For instance, organize them by year and type of income or expense.

Keep tax returns for the long haul. Keep receipts for major purchases and home. If you don’t have a designated place for.

After completing the long and often arduous task of settling a decedent’s estate, it may be tempting to discard any and all related documents. However, it is wise to hold on to these important documents for a little while longer, just in case some unforeseen circumstances arise.

Q. How long must I keep important paperwork from a deceased person? My dad died in 2012. I have 10 years of his tax returns, paperwork from his home sale in 2009 and all the estate paperwork.

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Now, gather all of your documents. Yes, we mean all of them. Put them into one large pile, roll up your sleeves, and get busy! As you work through the papers, create five different categories: Keep for 1-3 Months. Utility bills; Sales receipts for minor purchases; ATM and bank deposit slips; Keep for 1 year. checkbook ledgers; Paycheck stubs

Some financial documents need to be kept, but others can be shredded and tossed. Here's a guide on what to keep and for how long.

Which records to keep and how long during one’s lifetime depends on the type of record being considered. See this page for guidelines: Organize Your Important Papers. In regard to estate issues after someone’s lifetime, you should keep the estate financial records 7 to 10 years or more from the time the estate was settled (not the date of death).