What is the recommendation on how long to keep bank statements, cancelled checks, credit cards statements, etc.
Accountants seem to agree on certain guidelines for saving personal records.
The Internal Revenue Service usually has three years to audit your returns. Those should be kept for six years after you file your return or for however long you keep the item. In most cases, you can throw these out after one year. But if a bill documents a deductible expense, such as home-improvement purchases, and bills for other major purchases, such as jewelry, it can be used if you misplace the sales slip. Remember, when you do get ready to discard these documents, consider investing in a small shredder.