How many years to keep utility bills?

Is it safe to throw out old utility bills?

Monthly utility/cable/phone bills: Once you know the bill is correct, toss it. But if you deduct some of these costs on your tax return, you'll want to save them with your return (more on that in a moment). Credit card statements: If you know all the charges are correct, you probably don't need to keep this.

How many years worth of bills should I keep?

One year is the standard, in case of billing errors or disputes. I'd probably go ahead and make it a little longer. Keep them for one year. Really, I think you should just get the electronic statements where available.

Should I keep my 20 year old tax returns?

Three years is the general recommendation

The general rule for keeping copies of your tax records is to store them for at least three years. Having a paper trail is the best way to protect yourself if the IRS scrutinizes your financial history.

How long should I keep credit card statements?

Documents that should be shredded include the following: Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years.

Do I need to shred utility bills?

After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

Do I need to keep bank statements for 7 years?

7+ years. Although this depends on your filing circumstances, the IRS may ask you for supporting documentation for three to seven years after you file a return. Therefore, it's a good idea to save any document that verifies the information on your tax return for seven years or more.

What records should be kept indefinitely?

What papers to save and what to throw away?

Credit card receipts: Discard them after a purchase shows up on your statement unless you need them as records for taxes or as proof of purchase in case you need to return an item or make a warranty claim. Pay stubs: Save them until you reconcile them with your W-2 form and yearly Social Security statement.

Should you throw away old bills?

Shredding utility bills and other paper documents is a crucial step in reducing your risk of ID theft. Any paperwork that has your name, address or other personal information, should be shredded by a professional shredding company once it is no longer needed.

How long should you keep old medical bills?

Medical bills should be retained for at least a year, and for tax purposes, they should be kept for three years to align with IRS audit regulations. Ongoing treatment bills should be preserved until the issue is resolved. Prescriptions have a different retention period, with the slips not requiring long-term storage.

How many years should you hold onto your tax returns?

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.

Should I shred 20 year old bank statements?

Yes, you should shred 20-year-old bank statements. They're well beyond the recommended retention period of 3-7 years for tax and audit purposes. Shredding ensures your personal and financial information remains confidential, protecting against potential identity theft or fraud.

Do I need to keep old checkbook registers?

Checkbook Registers: Up to 10 Years

“Not only are they the story of a year, but if you use them regularly, it's a reference for expensive purchases or services that you didn't keep receipts for.” (Plus, these are records that do not exist digitally, meaning you need to keep them longer.)

How long should you keep your credit card bills?

You'll probably want to review your credit card statements as soon as you get them to check for potential billing errors. But after that, it's a good idea to keep your statements for at least 60 days.

What year tax returns can I destroy?

In most cases, the IRS recommends keeping tax documents for at least three years after filing your return and/or paying taxes. However, there are situations where it's best to keep tax records longer (including state tax documents).

What age are you no longer taxed?

At What Age Can You Stop Filing Taxes? Taxes aren't determined by age, so you will never age out of paying taxes. People who are 65 or older at the end of 2024 have to file a return for tax year 2024 (which is due in 2025) if their gross income is $16,550 or higher.

How many years can IRS go back to audit?

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.

Do I need to keep old utility bills?

Utility bills and phone bills can be shredded after you've paid them, unless they contain tax-deductible expenses.

What is the IRS 6 year rule?

6 years - If you don't report income that you should have reported, and it's more than 25% of the gross income shown on the return, or it's attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.

How to destroy old tax returns?

The best way to properly dispose of documents that contain your personal information is to shred them before discarding them. If you don't own a paper shredder, check for community shredding events near you or ask about AAA Shred Events at your local branch.