Document Retention Guidelines
Are you afraid to discard receipts and old forms? If so, you are not alone. It’s also possible that you’re buried in paper. Contemporary efficiency experts recommend more relaxed guidelines for document retention. Some are listed below.
How Long Should You Keep That Document?
- Bank deposit and withdrawal slips can be thrown out once they are reconciled with your monthly bank statement.
- Pay stubs can be thrown out once they are reconciled with your W-2 form.
- Tax returns and supporting documents should be retained for seven years.
- Employer defined-benefit plan correspondence should never be thrown away.
- Keep product receipts until the warranty expires. Retain for seven years if you need it to support tax documents.
- Social Security statements should be discarded when you receive a new one.
Check the source link for additional guidelines and useful information related to document retention. These are merely recommendations. If you want to fill up a shoe box with ATM receipts, that is your prerogative. Source
Comments