September 20, 2017

Which Financial Records Should You Keep?

You’ve probably heard it before. Good financial records are very important…..especially at tax time.  But you just can’t keep every snippet of paper forever, or you’ll need to put an addition onto your house!

 

It’s time for a review. Let’s do some maintenance and get rid of the paperwork that’s cluttering your life.

 

Before we talk about what you can throw out, let’s look at papers you should stash away in your permanent file.


Keep the following documents forever:

  • Records that relate to your home (mortgage, deeds, capital improvements. etc.)
  • Documents showing non-deductible and deductible IRA contributions.
  • Tax returns and checks used to pay taxes or to substantiate deductions.Once those papers are safely filed and tucked away, grab your trash bag because here we go! 

    TYPE OF RECORD THROW OUT AFTER

    Accident reports/claims 7 years

    Back-up tax paperwork 10 years

    Bank reconciliations 1 year rolling

    Bank statements 3 years

    Brokerage statements Year end only

    Contracts,notes and leases (expired) 7 years

    Credit card statements 1 year rolling

    Insurance policies (expired) 3 years

    Mutual fund statements (after sold) 3 years

    Paycheck stubs: normal 1 year

     

    Now maybe your home will be big enough for you, your family andyour financial records!


    Please contact us for a financial consultation by calling

    (954) 682-0200 or by email info@jksbusinesssolutions.com