Tax Season! What To Keep...?

It is upon us once again. Tax season. What do you keep? How long do you keep it? What can be thrown out? Here's some information that will help with the confusion.

Keep for Seven Years

• W-2 AND 1099 forms
• Year-end statemens from credit-card companies
• Canceled checks & receipts/statements for annual mortagage interest & property taxes
• Deductible business expenses
• Child-care bills
• Out-of-pocket medical costs
• Other tax-deductible expenses

Keep Indefinitely

• Your annual tax returns
• Confirmation slips that list the purchase price of any invenstments
• Home-improvement records
• Receipts for major purchases where replacement cost exceeds the deductible on your homeowner's or renter's insurance policy
• Beneficiary designations