Cut Your Paper Clutter

What to Toss, What to Keep

Toss Each Month:

-ATM, bank deposit slips and credit card receipts (after you've checked them against your statements).

-Sales receipts for minor purchases (unless they have a warranty).

Toss After one Year:

-Monthly bank and credit card statements (if you don't itemize deductions).

-Monthly/quarterly brokerage and mutual fund statements.

-Monthly mortgage statements (if your year-end statements hows the total amount of interest and property taxes you've paid through the year).

-Phone and utility bills (if you don't have a home office, use phone for business calls, or anticipate any need to prove long term residency)

-Paycheck stubs (after they are reconciled with your annual W-2 or 1099)

Keep for seven years:

-W2 and 1099 forms.

-Year end statements from credit card companies.

-Phone and utility bills (only if you deduct any portion for business, have more than one home, or have moved within the past few years).

-Cancelled checks and receipts/statements for: Annual mortgage interest and property taxes, deductible business expenses, child care bills, out-of-pocket medical costs, or any other tax deductible expense).

Keep Indefinitely:

-Annual tax returns.

-Year end summaries from financial services companies.

-Confirmation slips listing the purchase price of any investments you own.

-Hope improvement records.

-Receipts for major purchase (any item whose replacement cost exceeds the deductible on your homeowners' or renters' insurance policy beneficiary designations)