How Long Should I Keep Financial Paperwork? | WSJ SmartMoney | 09/01/11

People filing tax forms in 1920

Image via Wikipedia

SmartMoney Staff explain:

The urge to purge can be powerful, but don’t rush to fire up the shredder. Experts recommend holding on to:

  • Bank statements for at least three years.
  • Medical records, those related to chronic conditions and major medical procedures should be kept indefinitely.
  • Tax returns—plus related paperwork/ supporting documents—for at least seven. (The IRS can audit you up to three years post-filing and has six years if it thinks you failed to report more than 25 percent of your gross income.)

It is also recommended that these documents be scanned, stored and backed-up.

For full article see How Long Should I Keep Financial Paperwork? from SmartMoney.com

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About vinhsu

Center City Philadelphia General Practice Law Firm with emphasis on Criminal Defense, Family Law, Immigration, Real Property, and Wills/Trusts/ Estate Planning. Licensed in Pennsylvania and New Jersey.
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One Response to How Long Should I Keep Financial Paperwork? | WSJ SmartMoney | 09/01/11

  1. Good info and straight to the point.

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