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Drowning in Financial Paperwork? 7 Tips for Digging Yourself Out
Drowning in Financial Paperwork? 7 Tips for Digging Yourself Out
According to Consumer Reports, less than half of all Americans can get their hands on important financial documents immediately, and this includes folks who swear they’re highly organized.  Women are more likely to stay on top of paperwork than men.  Over 65? You belong to Gen A; the accountable generation of people who actually enjoy organizing financial records. No matter the group to which you belong, it’s time to make a change, which is why you can undertake a paper purge using the research in this article. 
The Tax Man Cometh
Your annual tax returns are sacrosanct. Keep them forever! Supporting documents proving that you paid off medical bills or job search expenses can be tossed after three years. Why three years? The IRS must audit returns within that time span, so if they don’t scare you by then, you’re not expected to provide more than the most recent three years’ worth of backup. There’s one exception. Suppose you fail to report more than 25-percent of your gross income when you file your tax returns? You could face fraud charges after an audit requiring up to six years-worth of backup.  Lesson learned? Keep more ... more

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