Question: How Far Back Should You Keep Utility Bills?

Should I shred my old utility bills?

After paying credit card or utility bills, shred them immediately.

Also, shred sales receipts, unless related to warranties, taxes, or insurance.

After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute)..

Should you keep old checkbooks?

Bottom Line. You should feel comfortable discarding most of your canceled checks at the end of each year. You need to keep only tax or warranty-related checks as proof of payment or purchase.

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…•

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.

Is there any reason to keep old utility bills?

There is no set time frame that you are required to keep bills once they have been paid. You can elect to receive a digital copy of bills, as opposed to the paper versions. … If there is a dispute that a bill has been paid, the transaction is usually able to be traced using your bank or credit card statement.

Is it safe to throw away utility bills?

Keep electric, gas, phone and other utility bills for one year before discarding. The exception is if you claim a deduction on your taxes for a home office; in that case, keep those bills for three years.

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.

What papers should you 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 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.

How long should you keep your bank statements?

one yearKey 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.

Why should you keep a checkbook register?

Business owners can use a check register to properly record all of their financial transactions (cash, check, credit or debit card, and bank wire transfers), keep an ongoing and accurate checking account balance, and help company decision makers decide where their business budget needs the most work and attention.

How long should you keep your old bills?

Keep for 1 month: utility bills, deposits and withdrawal records. If you’re self-employed, you may need your utility, cable and cell phone bills for tax purposes. Otherwise, you can dispose of them as soon as you verify your payment was processed.

Do I need to shred old tax returns?

Never, ever throw out a tax return. The tax returns themselves don’t take up much space. If you need to thin out the files, you could probably shred the back up — but hold on to the W-2s and 1099s.

Can I throw away old checkbooks?

The disposal method most recommended by both banks and consumer protection agencies for used and unused checks is shredding. … After this time, dispose of the checks and checkbooks. Shred all old checks no longer needed for tax purposes completely along with the checkbooks and check registers.

How do you destroy documents without shredding?

Pulping is a fairly labor-intensive, but highly effective way to get rid of old sensitive documents. For this method, you’ll need bleach and a tall, bleach-resistant trash can. Add a half gallon of bleach to the trash can. Bleach breaks down paper and destroys ink, so it’s great for rendering your documents unreadable.