Organizing Bills

[Johnny_Blaze_47]

Well, my Dad gave me the job of trying to organize all the bills in his office. So I've got a bunch of envelopes of old bills that have been paid from as early as the beginning of this year.

Should I junk those out and just keep the recent ones or keep them all and just file them alphabetically?

[Ginofan]

I do the bills for the rehab center I work for. I'm not sure what the standard is but I keep records for at least 2 years, the previous years are stored away in a box in a warehouse, we don't chunk them.

[iminlakerland]

Don't throw em away...keep em file them away put all the phone bills together, all the electric bills together etc... and also put them in chronological order newest to oldest.

[Johnny_Blaze_47]

Thanks.

Can you believe all the extra junk that comes in these bills?

I think I cut the size of the "A" file in half just by removing all that crap.

[Shelly]

My accountant told me to keep accounting records for 7 years.

But here's from the IRS site.

How long should I keep records?


The length of time you should keep a do ent depends on the action, expense, or event the do ent records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.

The time you are required to keep records includes the period of time during which you can amend your tax return to claim a credit or refund, or that the IRS can assess more tax. You should also keep copies of your filed tax returns in the following situations:

1.
You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2.
You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3.
You file a fraudulent income tax return; keep records indefinitely.
4.
You do not file a return; keep records indefinitely.
5.
You file a claim for credit or refund* after you file your return; keep records the later of: 3 years or 2 years after tax was paid.
6.
Your claim is due to a bad debt deduction; keep records for 7 years.
7.
Your claim is due to a loss from worthless securities; keep records for 7 years.
8.
Keep information on an asset for the life of the asset, even when you dispose of the asset; keep records indefinitely.
9.
Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

The following questions should be applied to each record as you decide whether to keep a do ent or throw it away.

Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.

Additional Resources

[bigzak25]

let the bills lapse...get some great insurance...and burn that muther er down.

or start an excel spreadsheet...whatever works.

[SpursWoman]

My accountant told me to keep accounting records for 7 years.

You beat me to it....

[Shelly]

I don't think we've ever thrown anything away. It all gets stored in file cabinets and then gets put out to pasture in our shop. I'm sure there are 30 years worth of records back there!

I just keep stuff here for a year or two and send back to CA and let them deal with it. And on top of that, I have all this PTA crap here now too

[N.Y. Johnny]

save them! you never know when you'll need them or proof I know i do.

IRS and the Goddamn Justice Department

[Useruser666]

There are two kinds of bills, due and past due.