How to Win the Battle of the Paper Mountain
Barbara Hemphill's Guide is the Perfect Starting Place for Reducing Paper Clutter
It’s April and what does that ponder up for people? TAX TIME!
Well, baby boomers, got some tips for you on what to save and what to toss.
Here is the first of two articles this month:
Save:
The big question I hear is what to I save and what do I toss. The first thing I say to all is talk to your accountant and/or lawyer before throwing out any financial or legal papers. They know your individual situation.
Here is a guide from Barbara Hemphill’s, Taming The Paper Tiger:
- Automobile records, keep titles, registration, repairs for as long as you own the vehicle.
- Appointment books (past)-1-10 years, according to your comfort level and whether you use them for tax records, references, or memorabilia.
- ATM slips, maximum 6 years if needed for tax purposes.
- Bank statements, maximum 6 years if needed for tax purposes.
- Credit card statements, maximum 6 years if tax-related purchases on statements; otherwise until annual interest statement is issued by the company.
- Catalogs/magazines, until the next issue…recycle!
- Dividend payment records, until annual statement is supplied by company, then just annual statements.
- Household inventory and appraisals, as long as current
- Insurance policies, auto, homeowners, liability, as long as statute of limitations in the event of late claims.
- Insurance policies, disability, medical, life, personal property, umbrella, as long as you own.
- Investments, purchase records, as long as you own.
- Investments, sales records, maximum 6 years for tax purposes.
- Mortgage or loan discharge, as long as you own, or 6 years after discharge.
- Property bill or purchase, as long as you own the property.
- Receipts:
- Appliances, as long as you own.
- Art, antiques, collectibles, as long as you own
- Clothing, for the length of the returns period
- Credit card slips, until statement comes in and you can match purchases
- Furniture, as long as you own item, in case repair is needed
- Home improvements, for life of warranty or longer to track reliability record of service people and their rates
- Major purchases, life of item
- Medical and tax/related, maximum 6 years
- Rent, your canceled check is sufficient
- Utility bills, current bill and one previous year’s to check billing patterns
- Warranties and instructions, life of warranty or item. Stick label with warranty expiration date and service repair number on bottom of appliance. If something breaks down, you’ve got an easy way to check if the item’s still covered without even having to go to your file drawer
- Resume, as long as current
- Safe-deposit box key and inventory, as long as current
- Tax records, bank statements and canceled checks, certificates of deposit, contracts, charitable contributions, credit statements, income tax returns, lease and loan agreements, loan payment books, pension plan records, pay stubs, current year, plus 6 prior years
- Vital records, adoptions papers, birth and death certificates, citizenship papers copyright/patents, marriage certificate, divorce decree, letter of “last instructions” to executor or heirs, medical illness and vaccination records, passports, power of attorney, social security record, will…permanently!
Whew!!! Now in two weeks…I’ll show you what can be TOSSED, shredded or recycled.
Sallie
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