how long should i keep paid bills receipts
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How Long Should I Keep Tax Records, Medical Bills, Financial and Bank Statements Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. (IRS.gov)
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- Length of time to keep, and why:From 45 days to seven years. 1  Keep your original receipts until you get your monthly statement; shred the receipts if the two match up.  Keep the statements for seven years if tax-related expenses are documented.
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- Credit card receipts and statements. Length of time to keep, and why:From 45 days to seven years. Keep your original receipts until you get your monthly statement; shred the receipts if the two match up. Keep the statements for seven years if tax-related expenses are documented.
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- statements---assuming you are paid in that way---after you check them against your annual W-2 Form. But save cancelled checks that relate directly to an entry on your tax return, and keep all medical bills for 3 years to back up your cancelled checks. The IRS generally keeps records for 6 years.
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A Guide On How Long To Keep Financial Records Credit Card Statements. Keep these for one month or seven years. If your statement accurately reflects that you paid last month’s bill, shred last month’s bill. If you need the bill for tax reasons, keep it for seven years, along with your other tax records.eep these for one month or seven years. If your statement accurately reflects that you paid last month’s bill, shred last month’s bill. If you need the bill for tax reasons, keep it for seven years, along with your other tax records.
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How long should you keep utility bills? You should keep utility and credit card bills for 60-90 days because that is the maximum lenght of time to report any disputes.  For credit cards, keep at least a year if yo…u purchased any deductions.
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- you should keep utility and credit card bills for 60 90 days because that is the maximum lenght of time to report any disputes for credit cards keep at least a year if you purchased any deductions
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When to Throw Away Financial Documents If your medical expenses total more than 10 percent of your adjusted gross income, you can deduct them. If you plan to take that deduction, you’ll need to keep the medical records for three years for tax records. Paycheck stubs Keep until the end of the year and discard after comparing to your W-2 and annual Social Security statement. Utility bills
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How Long Should You Keep Receipts & Bills? Some documents you should keep forever. Keep receipts you get for major purchases, such as jewelry, antiques, cars and collectibles. You will need the receipt to prove the item’s purchase value in case these items are lost, stolen or damaged. Possession of the receipt will expedite any insurance claim.
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How long should you keep utility bills? making the world better one answer at a time you should keep utility and credit card bills for 60 90 days because that is the maximum lenght of time to report any disputes
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What Personal Documents Should You Keep and for How Long? 1 Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return (Keep 3 years from the date the return was filed or 2 years from the date the tax was paid -- which ever is later). 2  Annual Investment Statement (Hold onto 3 years after you sell your investment.).
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How long do you need to keep documents,i.e. payroll stubs, cancelled checks, bill receipts, etc? Report Abuse. As long as you need them. Sorry, not trying to be a wise-guy with that. Tax documents such as payroll stubs, cancelled checks for deductible items, etc. 3 years from the end of the year in which the taxes were due. Best to keep them for 5 years, however. Pay stubs (or W-2s) and possibly tax returns should be kept forever if you think you may need proof of income for Social Security purposes. Real estate documents: As long as you own the property + 3 - 5 years for tax purposes. Other receipts: As long as the warranty runs, for proof of purchase.
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How long should I keep my bills? In general, you don't need to keep bills around for more than a few months. The exceptions are: anything that was itemized on your federal or state income taxes. You want to keep these around for seven years in case of an audit by the IRS. brokerage statements buying/selling stocks, bonds, mutual funds, etc. You need to know how much you bought a stock for when you sell it, to calculate capital gains.
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How long to keep financial records Keep your original receipts until you get your monthly statement; shred the receipts if the two match up. Keep the statements for seven years if tax-related expenses are documented. Paycheck stubs: Length of time to keep, and why: One year. When you receive your annual W-2 form from your employer, make sure the information on your stubs matches.
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How Long Should You Keep Receipts This results to your being denied a privilege that you could have enjoyed if you have kept your receipt. Therefore, it is advisable to keep receipts for such major purchases for much longer time, preferably till your product is under warranty. Receipts of minor purchases; You can keep receipts for minor purchases for at least a week. There are stores that allow you to replace a defective product for as long as you go back to the store and surrender the item within 24 hours of purchase. Some stores could accept return or exchange a week after the product has been bought.
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- Banks usually give customers about 60 days to dispute a charge per the Fair Credit Billing Act. It is a safe bet to keep the credit card receipt for at least three months. If you need the sales receipts specifically for business income tax reporting reasons, keep them on hand for at least six years.
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How Long to Keep Tax Records Well, yes … and no. Some of the stuff – receipts from charities, cancelled checks for that medical deduction you claimed, your W-2s – should be kept for three years. That’s how long the IRS can wait to audit your finances.
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How long should I keep my bills? Keep Utility bills for 3-6 months (track usage), debt payments for 12 months. – ChuckCottrill Jan 17 '14 at 21:26. add a comment |. up vote 4 down vote. In normal cases you don't need it beyond 3-6 months. Beyond this destroy it.
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Which Receipts Do You Need to Keep as a Small Business Owner? You should keep receipts for as long as a taxing authority like the IRS or your state’s department of revenue can audit you. Most audits can only go back three years (from the date you file your tax return), but in some dire cases where fraud or severe tax underpayment is suspected, the IRS can audit you back to six years (again, from the date you file your tax return).
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What records to keep and how long to keep them One month. Keep until you get the next statement showing that you paid, unless you need it for tax purposes. Receipts. One month, for purchases such as groceries and restaurant meals, until you match them with your credit card or bank statement.For expensive purchases (jewelry, furniture, appliances), staple the receipt to the owner's manual and keep it as long as you own the item.ne month. Keep until you get the next statement showing that you paid, unless you need it for tax purposes. Receipts. One month, for purchases such as groceries and restaurant meals, until you match them with your credit card or bank statement.
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Record keeping for tax purposes You must keep other receipts for supplies, including credit card dockets (merchant's copy) and cash register tapes, for 1 month if reconciled with actual sales, or 5 years if not reconciled.
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How Long to Keep Documents & What to Shred Bills - 1 year for anything tax or warranty related, all other bills should be shred as soon as they have been paid. Credit Card Bills - Shred immediately when paid. Home Improvement Receipts - Keep until home is sold. Investment Records - 7 years after you've closed the account or sold the security.
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How Long Should You Keep Receipts You can keep receipts for minor purchases for at least a week. There are stores that allow you to replace a defective product for as long as you go back to the store and surrender the item within 24 hours of purchase. Some stores could accept return or exchange a week after the product has been bought.
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How Long to Keep Mortgage Payment Receipts? Since the main reason for keeping your mortgage payment receipts is to verify that you made your payments on time, keep them for up to a year. Once you verify a payment on your next billing statement, you may feel comfortable tossing out the receipt.n some cases, your mortgage payment receipt is your only proof of payment for this important financial obligation. You may have to keep these receipts for a while.
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Publication 334 (2017), Tax Guide for Small Business The IRS recommends keeping records for “3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.” You should also keep records for three years if you owe additional tax and the situations described in sections 3 and 4 below don’t apply.he types of records you should keep are anything related to your income (e.g., W-2s, 1099s, bank and brokerage statements), expenses (e.g., receipts, canceled checks and invoices) and home-related records (e.g., purchase receipts, closing records, insurance records and proof of improvements).
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How long to keep financial records Credit card receipts and statements: Length of time to keep, and why: From 45 days to seven years. Keep your original receipts until you get your monthly statement; shred the receipts if the two match up. Keep the statements for seven years if tax-related expenses are documented. Paycheck stubs: Length of time to keep, and why: One year