Organizing paperwork of any kind has never been a project I look forward to tackling. I never knew what to do with my papers. But that has all changed since I now
understand what papers I can toss and what papers I should keep.
Organizing paperwork is essential to keeping your life and home organized. The following is a list of a keep and toss list:
|Birth or Death Certificates||ATM Records - after posted for the month|
|Health Records||Bank/Credit Card Statements-after one year unless you itemize|
|Insurance Policies-keep current year||Reciepts for Bills - after one month toss unless needed for warranty|
|Mortagage Loan - at least 3 years after paid off|
|Tax Records - for 7 years|
|Investment Statements - keep monthly then discard after yearly one.|
Please seriously consider using a safety deposit box. Most aren't very expensive especially if you are just using it to store valuable papers.
In the unfortunate event that they are destroyed due to water of fire damage it would be very difficult to account for some of these papers.
Like I mentioned earlier this list is not all inclusive and meant to be a guideline only. If you have any questions regarding organizing your paperwork it is best to consult with a qualified accountant or tax advisor who is familiar with your specific situation.
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