Spring is here, which means it’s time to finally clean up those papers that are piling up everywhere!
In this digital age, many people and businesses are going the paperless route. But many others tend to keep a ton of paperwork and let the paper pile high.
Below is a guideline of what to keep or toss or shred (unless you are keeping things for tax purposes). And keep in mind that most statements, bills, etc. are available to view online. If you still can’t part with the paperwork, another option is to scan the documents and store the file on your computer.
KEEP FOR 1-3 MONTHS:
KEEP FOR ONE YEAR:
KEEP FOR ABOUT 6-7 YEARS
KEEP FOR AWHILE:
A good rule of thumb if you’re deciding what to save or shred is to think about how difficult that document is to replace and if keeping these documents will make it easier for your trustee or personal representative to manage your affairs and your estate.
6/6/2023 03:14:36 pm
It's always best to check on the IRS' website if you're not sure on how long to keep your tax documents. I'd still recommend also getting tax software. The best software offers payer backup and restore features: https://1099-etc.com/payroll-software/w2-and-1099-forms-filer/.
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About the Author
Christine Chung, Esq.