how long should I keep receipts?
in [Quicken]
|
Prev: update on HSBC
Next: File not backed up
From: kupchik on 17 Dec 2006 09:16 I keep all income tax related receipts for 3 years after I file the return or 4/15 whichever is later. I do not sort them other than into tax catagories to complete my return (waste of time) I just put them all in an envelope with my income tax return. As mentioned above, anything related to an asset that I still hold (house, stocks, bonds, etc.) I keep until I dispose of that asset. For all other receipts, (credit cards, checking, etc.) I keep for until January of the second year, ie. I will throw out all 2004 in January of 2007 to insure that I have receipts for my warranites. Hope this helps. skdeardorff(a)sbcglobal.net wrote: > Ok, thanks for the advice as it relates to the IRS. Over and done > with, won't ask for tax advice in this forum anymore. > > > However, I'm really more looking for practical advice, just from those > who actually use Quicken, and are thus more serious about their > finances in general. My question is - > at what point, personally, does the cost of keeping receipts outweigh > the benefit? Do most users keep them sorted by payee/vendor? Is there > a better way? Do people file their health receipts with their > insurance EOB's? I'm looking for one or two specific tips in order to > tame the paper tiger. Thanks again for the responses ! > > > > > > In general, I'm looking for any "best practices" regarding how most > > > Quicken users deal with receipts. Do most people keep them for a year, > > > for example, then shred them? > > > > > > Related questions would be, "How long to keep ATM receipts?", and "How > > > long to keep bank statements?" All of the above assume the > > > transactions have been reconciled and that they are fine. > > > > > > Thanks! > > >
From: kupchik on 17 Dec 2006 09:16 I keep all income tax related receipts for 3 years after I file the return or 4/15 whichever is later. I do not sort them other than into tax catagories to complete my return (waste of time) I just put them all in an envelope with my income tax return. As mentioned above, anything related to an asset that I still hold (house, stocks, bonds, etc.) I keep until I dispose of that asset. For all other receipts, (credit cards, checking, etc.) I keep for until January of the second year, ie. I will throw out all 2004 in January of 2007 to insure that I have receipts for my warranites. Hope this helps. skdeardorff(a)sbcglobal.net wrote: > Ok, thanks for the advice as it relates to the IRS. Over and done > with, won't ask for tax advice in this forum anymore. > > > However, I'm really more looking for practical advice, just from those > who actually use Quicken, and are thus more serious about their > finances in general. My question is - > at what point, personally, does the cost of keeping receipts outweigh > the benefit? Do most users keep them sorted by payee/vendor? Is there > a better way? Do people file their health receipts with their > insurance EOB's? I'm looking for one or two specific tips in order to > tame the paper tiger. Thanks again for the responses ! > > > > > > In general, I'm looking for any "best practices" regarding how most > > > Quicken users deal with receipts. Do most people keep them for a year, > > > for example, then shred them? > > > > > > Related questions would be, "How long to keep ATM receipts?", and "How > > > long to keep bank statements?" All of the above assume the > > > transactions have been reconciled and that they are fine. > > > > > > Thanks! > > >
From: Andrew DeFaria on 17 Dec 2006 10:57
skdeardorff(a)sbcglobal.net wrote: > Using Quicken 2005, on Win Xp pro. > > >From a practical point of view, how long should I keep receipts? Any > IRS guidelines? > > In general, I'm looking for any "best practices" regarding how most > Quicken users deal with receipts. Do most people keep them for a year, > for example, then shred them? > > Related questions would be, "How long to keep ATM receipts?", and "How > long to keep bank statements?" All of the above assume the > transactions have been reconciled and that they are fine. I keep receipts just long enough to get them into Pocket Quicken, thereafter they are tossed. Except, of course, ATM receipts with a high balance exposed on them. I also dive into the trash there at the ATM machine. Chances that a stupid but hot broad will call you back when you give them your number on an ATM receipt with a high balance are high! ;-) -- Andrew DeFaria <http://defaria.com> Disk Full - Press F1 to belch. |