8 key documents to keep + how long to keep them
Organizing and managing your documents can be a daunting task, especially with the ever-increasing amount of paperwork we accumulate in our daily lives. From important financial records to personal documents, it's crucial to know how long to keep documents to ensure you are compliant with legal requirements, protect yourself from identity theft, and maintain an organized and clutter-free living or working space. While the answer to "how long to keep documents" may vary depending on the type of document and your specific circumstances, here are some general guidelines to help you navigate the document retention process. 1. Tax Records: The Internal Revenue Service (IRS) recommends keeping your tax records for at least three years from the date you filed your original tax return or the due date of your tax return, whichever is later. However, if you file a claim for a loss from worthless securities or a bad debt deduction, you should keep your records for seven years. 2