What Papers Can You Toss Out?

March 19, 2014 1:31 PM
What Papers Can You Toss Out?
" BOSTON (CBS) – Most of us fall into one of three categories; we keep too much of the paper that comes into our homes or there those that try to throw out everything. And of course those that fall in between.

I agree a warranty for a crock pot that is 10 years old is really just a keepsake and can be tossed but a warranty for your new TV should be in your files.

Let’s talk about what the IRS expects us to keep in our files. According to the IRS, you will want to keep records that support your income and deductions on your tax return.

They should be kept until the period of limitations runs out which is normally 3 years from when you filed your return. So you need to keep your 2013 tax information at least thru 2017 or longer.

What that also means is until the IRS can audit your return or assess you an additional tax. Or it can work in your favor too as you can amend your return to claim a credit or a refund "

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