Now that you have set up your record keeping system, there is one important question left to answer... How long do I have to keep records before discarding them? The information provided below will offer you some guidelines, but you may want to consult the IRS Publication 552 for more information.

• 1-3 Years. Keep bills and expired insurance records.
• 4-6 Years. Keep tax returns, bank statements, canceled checks, investment records after the date of sale.
• For the duration of ownership. Keep vehicle titles, warranties, receipts for large purchases, insurance policies, information on education loans until paid in full.
• For the duration of ownership plus 6 years. Keep mortgage records, home improvement records.
• Permanently. Keep birth and death certificates, marriage certificates and divorce decrees, child custody and support papers, military service records, academic records, job related documents.