It is that time of year again, when it is necessary to gather all of your financial information and get it off to your Accountant for filing Taxes. Many of my clients are unclear on what to Keep and for how long. I have given you some guidelines to follow to help you.

Tax Returns & Receipts: Keep for 7 years from filing date
The IRS has 3 years from filing date to audit your return and 6 years if they suspect significant under reporting of income.

Pay Stubs: Keep for 1 year
Once you receive your annual W-2 form from your employer, check that the W-2 matches your check stubs, then you can shred or toss your check stubs.

Home and Auto titles, home repair receipts: Keep as long as you own the items
You must have the Title of an vehicle, boat, etc. when you sell it for transferring title to new owner. Receipts for Major repairs are necessary when you sell your house to calculate capital gains.

Bank Statements and cancelled checks: Keep 6 years
Keep bank statements and cancelled checks in case of an audit, you will have all the information at your finger tips, you don't have to contact the bank and pay for copies.

Sales Receipts and warranties: Keep warranties until they expire. Receipts - varies depending on what it is for. Save receipts for expensive items for insurance purposes, for small items you can toss.

If paperwork is not your forte and you need assistance organizing and deciding what to keep and what to toss, CHAOS is here to help you. I organize a lot of offices, personal and business helping get control of the clutter and finding a home for every piece of paper. Once I am done, your office will run smoother, you will find peace and be thrilled you made a decision to Get Organized!