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