Keep all of your old tax returns, and hang on to the supporting documents for three years after a return’s filing due date -- six years if you have self-employment income (some states require records from earlier years in an audit). Hold year-end investment statements and records of stock and mutual fund purchases as long as you own them. (For more on tax-related recordkeeping, see IRS Publication 552, Recordkeeping for Individuals.)
DOWNLOAD: The Kip Tips iPad App
Keep records related to your current home, including proof of the purchase price and receipts showing what you’ve spent on improvements. (You can toss those documents three years after you sell the house.) Also keep files with information on contributions and withdrawals from IRAs and 401(k) plans -- especially documents regarding nondeductible contributions, such as copies of IRS Form 8606, to avoid paying too much tax on withdrawals.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Trash bank withdrawal and deposit slips, credit card receipts and ATM receipts once you’ve compared them with your monthly statement; paycheck stubs after you check them against your Form W-2; and monthly bills for utilities, cable and credit cards, unless you need them for tax purposes. Shred any documents that include your Social Security number, account numbers or other information you wouldn’t want in the hands of an identity thief.
Digitize your records to keep paper clutter to a minimum. Save PDFs or scanned images of files on your computer and back them up on a flash drive or external hard drive, or snap pictures of receipts with your smart phone -- the Shoeboxed app (for iPhone and Android) will organize them as IRS-accepted images in a secure and searchable archive.
Access your files from any computer with free, secure online storage options, such as Manilla.com (which organizes your bills and saves unlimited documents in the site’s secure database as long as you have an active account) or Windows Live SkyDrive (with 25 gigabytes of free space). Other options include the Amazon Cloud Drive and Apple iCloud (each with 5GB of free storage) and Dropbox.com (2GB of free space). Extra storage is available on all three for a fee.
Get all 100 of our top money-saving tips by downloading the new iPad app or purchasing the PDF version.
-
Stocks Chop as the Unemployment Rate Jumps: Stock Market TodayNovember job growth was stronger than expected, but sharp losses in October and a rising unemployment rate are worrying market participants.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
How to Search For Foreclosures Near You: Best Websites for ListingsMaking Your Money Last Searching for a foreclosed home? These top-rated foreclosure websites — including free, paid and government options — can help you find listings near you.
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage RatesLuxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to Shop for a Low Mortgage RateBecoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
-
Looking to Relocate? Plan for Climate Changebuying a home Extreme weather events are on the rise. If you’re moving, make sure your new home is protected from climate change disasters.
-
Retirees, A Healthy Condo Has a Flush Reserve FundSmart Buying Reserve funds for a third of homeowner and condo associations have insufficient cash, experts say. Here are some cautionary steps you should take.
-
Cash Home Buyers: New Services Offer Help Making All-Cash OffersBecoming a Homeowner Some firms help home buyers make all-cash offers on homes. Weigh the fees before you sign on.
-
Home Sale Prices in the 50 Largest Metro AreasBecoming a Homeowner What’s happening in the market where you live?
