How Long To Keep Taxes
September 6th, 2011
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Question: How long must I keep credit card statements, utility bills, & other financial papers?
I am cleaning out documents I have had for years & am wondering, for tax purposes, how long I have to keep some of them. I have prescription forms (the ones the pharmacy attaches to the script itself,) insurance E.O.B.s, and other papers just taking space from years ago & want to DOWNSIZE & SIMPLIFY! I am scared to get rid of financial papers, though. What is a safe time period for keeping these?
Answer: Any normal bills, you can throw away once you are satisfied that they are right. Credit card statements and bank receipts should probably be kept for 3 months (you never know when you may need to go to the bank and get a loan or something). Any financial papers (i.e. receipts, forms, etc...) dealing with taxes should be kept for 3 years. Any collection attempts, steps you have taken to rememdy them, and correspondences that you have made or received should be kept for the entire statue of limitations...15 years.
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