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9009 West Loop South, Seventh Floor, Houston Texas
1-866-889-9347 |
CCCS of Greater Denver
A Division of Money Management International |
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Regional Headquarters - 10375 E. Harvard Ave., Suite 300, Denver Colorado |
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Organizing Your Personal Finance Records |
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Don’t take the chance that you’ll lose valuable tax deduction paperwork because all of your receipts are piled in a corner. Get your records organized by creating a filing system that works for you and clearing out the clutter will make organizing your financial records much easier. The following tips from Money Management International (MMI) will help you to determine what to keep and what to toss.
- Grocery receipts and other nondeductible expense receipts and statements can be destroyed after they have been recorded for budgeting purposes.
- Unless medical receipts exceed 7.5% of your adjusted gross income, there is no need to save them after you have filed your taxes for that year.
- Canceled checks should be saved for three years.
- Utility bill stubs may be destroyed after recording, however, you may wish to hold onto these for a year to compare monthly costs.
- Documents pertaining to buying, selling or improving your home should be kept as long as you own the home.
- Receipts from major purchases should be kept as long as you have the item.
- Credit card receipts can be destroyed once you have reconciled with your monthly statement. Additionally, credit card monthly statements can be destroyed on an annual basis.
- The typical statue of limitations for an IRS audit is three years, so you can usually throw away your returns and back-up records after then. Although, certain types of businesses and professions are required by law to maintain records indefinitely. Consult your tax advisor regarding your own situation.
Kelly Rote, communications manager for CCCS advises, “Consider investing in a small fire-proof filing cabinet to store your most valuable paperwork – deeds, wills, savings bonds, etc. For organizing paperwork, used office supply stores offer great bargains on filing cabinets, or consider small plastic filing cabinets instead of metal or wood. If your goal is have a paperless filing system, make sure that you back-up your computer regularly and invest in a good security program. Getting your financial house organized is a great way to reduce stress and reduce costly mistakes that eat into your disposable income.”
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CCCS, A Division of Money Management International
Regional Headquarters - 10375 E. Harvard Ave., Suite 300, Denver Colorado
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096
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