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Organizing Your Financial Records


Throughout the course of the year you probably receive numerous financial statements, many of which are probably living in a large pile of papers. It is important to keep your financial records organized and to keep some records for certain periods of time. Here is a general list of how long you should hold onto your financial records and documents:

-Tax Returns- Keep these forever!

-Tax documents such as W2s, receipts, financial statements- Keep these for 6 years because that is the amount of time the IRS has to auit your returns

-Year-end investment statements from 401k, life insurance, and other investment accounts- Keep these for 6 years as well for tax purposes

-Pay stubs- Keep these until you receive your W2 from your employer, usually sometime in January

-Receipts for large purchases- Keep these for as long as you own the item for insurance and warranty reasons

-Receipts for home improvements- Keep for 6 years or until you sell the home, again for tax reasons

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