Money Talks News - The yearly ritual of spring cleaning is again upon us. While cleaning dust bunnies should no doubt be a priority, it is also a good time to clean out overstuffed drawers and file cabinets.
Naturally you need to keep copies of your tax returns. The paper supporting deductions should also be kept for at least three years from your filing date because that is how long the IRS typically goes back on audits.
Houses and investments also generate a lot of paper. Those records also need to be kept for about three years because they are tax-related.
But there many things you should part ways with. Get yourself a scanner and make copies of important papers and keep them on a digital file.
In fact, there are apps you can download to help keep yourself organized.
For example, the Insurance Information Institute offers free software to help keep a home inventory. Your own insurance company may also offer an app.
There are also many papers you can just throw away now.
Think of old receipts, utility statements, reconciled bank statements, canceled checks and instruction manuals for things you no long own. You don't need any of these so get rid it of it.
For more information, head to the Money Talks News website and search for "Spring Cleaning."