Quick Answer: How Long Should You Keep Monthly Statements And Bills?

What records need to be kept for 7 years?

Accounting Services Records should be retained for a minimum of seven years.

Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently..

What bills should you keep and for how long?

You should probably keep hold of credit card and bank statements for a year but you can throw away other household paperwork like utility bills.

How long should you keep bills before shredding?

Utility bills: How long should you keep bills before shredding? If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them.

Do I need to keep old bills?

It can sometimes be useful to keep some bills so you can go back over them and compare charges and fees. A good rule of thumb is to keep any bills that you may want to review at a later date for 12 – 24 months.

Should I shred old utility bills?

Most experts suggest that you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. … After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

How many years should you keep bank statements?

Key Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How many years of medical records should you keep?

seven yearsFederal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient.

What should you not shred?

Be sure to lock up any important documents that you don’t shred, including birth and death certificates, adoption papers, marriage and divorce papers, citizenship papers, Social Security cards, tax-related documents, deeds and titles, and financial statements.

Is it safe to throw away bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How long should you keep insurance statements?

Insurance policies: Keep your most recent policy. Tax records, including receipts: Keep for seven years after filing the tax return.

What papers to save and what to throw away?

When to Keep and When to Throw Away Financial DocumentsReceipts. Receipts for anything you might itemize on your tax return should be kept for three years with your tax records.Home Improvement Records. … Medical Bills. … Paycheck Stubs. … Utility Bills. … Credit Card Statements. … Investment and Real Estate Records. … Bank Statements.More items…•