What kind of receipt, documents do you keep and how to organize them?

What kind of receipt, documents do you keep and how to organize them?

I have bills from City Utility, Auto and Home owner insurance (both bills and info, etc), Electric Bills, Tax record, etc, etc, etc.I do keep them in folders, but I start to think what'-s the point of keeping them since I do not use them except started to pile up on folder / space, etc, etc. I was wondering what do you guys do to organize them or if you guys are keeping all of them as record? if so, why?

Irv

Utility bills, and House insurance, you needn't keep unless they'rea 'business expense'. (Home office etc.).You might retain the last bill until the next arrives.Same for automobile expenses, (do you have 'business mileage'?)Tax records DO keep, as well as Medical Insurance, (deductable),pay stubs, (compare with 1099s), and any large purchase receipts,(auto etc.), for possible deductions.You do keep bank statements etc. for at least the year.(I use a loose leaf, it's better than a folder, they stay in order that way.)Then put the old year in a big envelope after 'tax time',and save at least five years.BTW: It's a good idea to shread bills with account information.(They can be an 'identity theft' risk.)

sensibleman

I separate by category. House payments, appliances (for warranty use), all power company bills etc. I check some of the files once a year to see if they are still useful.

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