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4 Walls Library - To Toss or Not to Toss? That is THE Question

by 4 Walls member Barbara Whipple, Perfectly Organized LLC

When it comes to organizing, there are two types of people. Those who love to organize and those who do not. In either case, one of the biggest dilemmas people face in the paperwork realm is what to save and what to throw away. In this day of such technological advancements as paperless statements and e-Paying galour, it is no wonder that this remains a challenge most people would rather ignore.

Here are guidelines that should help with most of your filing requirements.

Tax Return Copies

Tax returns should be saved for years after filing. However, they take up such a small amount of filing space and can be an invaluable resource so I suggest keeping them longer if you have the space. Trying to recreate this information for whatever reason would be a nightmare.

Individual Credit Card Receipts

Keep these receipts until you've determined you will not be returning the product and/or you have received your monthly statement and confirmed its' purchase. Keep monthly credit card statements for seven years if there are tax related expenses or three years if there are none. An exception to this rule would be if you purchase any high-end item such as a stove that may have a warranty. Just staple the receipt to the product warranty and file it in a warranty folder for easy recovery.

Paycheck Stubs

Keep your paycheck stubs until you have received your annual W-2 form from your employer. Make sure the information matches. If it does, you can throw the stubs out.  If not, request a corrected form called a W-2C.

Bank Deposit Slips and ATM Receipts

You want to keep these until you receive your monthly statement and insure that everything matches. Throw the individual receipts away and keep your monthly statements until you get your annual statement. Once you have reconciled the monthly statements against the annual statement, you can throw the monthly paperwork away.

Legal Documents

Legal documents like birth certificates, diplomas, marriage and divorce documents, baptism records and passports should be kept forever. A small water proof safe or safe deposit box is advisable. It also better to keep photocopies of these documents readily available and only take these copies out of your home.

Financial Documents

Financial documents like medical bills, form 1099s, Keogh statements, IRA records, loan records, insurance policies and the like should be kept for at least 7 years AFTER their respective termination, payoff and/or expiration.

When in doubt, check with your accountant. Happy tossing!

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Barbara Whipple is the owner of Perfectly Organized LLC. As a professional organizer Barbara enjoys "improving people's lives, one pile at a time." She works with individuals, families and small businesses to help them organize within their existing space and specializes in downsizing and relocation services for people in transition through YourMove Partner.