Should It stay or should It go?
First of all, make sure that any paperwork personal information such as bank account numbers, social security numbers, or other personal identification is shredded before you recyle it.
Monthly Clean Up:
1. ATM, bank deposit slips and credit card receipts after you checked them against the monthly statements.
2. Sales receipts for small purchases, that are not under a warranty.
Annual Clean Up:
1. Monthly bank and credit card statements if you don't itemize deductions.
2. Monthly & Quarterly brokerage and Mutual Fund Statements.
3. Monthly mortgage statements, if you receive a year end statement the totals the amount of interest and property taxes you've paid throughout the year.
4. Phone & utility bills. If you have a home office keep these receipts for business expense records.
5. Paycheck stubs after reconciled with annual W-2 or 1099.
Keep for 7 years:
1. W-2 and 1099 forms
2. Year-end statements from credit card companies.
3. Phone & Utility bills if used for business expense itemizations.
4. Cancelled checks and receipts or statements for:
A. Annual mortgage interest
B. Property Taxes
C. Deductible Business Expenses
D. Child-care bills.
E. Out-0f-pocket Medical costs.
F. All other tax deductible expense.
Keep Indefinitely:
1. Annual Tax Returns
2. Year end summaries from financial services companies.
3. Confirmation slips listing the purchase price of any investments you own.
4. Home improvement records
5. Receipts for major purchases.
