The IRS retains the right to audit anyone’s financial history for up to six years. In this case, it’s wise to keep credit card statements for at least three years, preferably six if there is a very high risk of audit.

Can I throw away credit card statements?

You can toss most monthly bills after you pay them, or after the payments have credited to your bank statement. If you end up needing to go back to verify anything, see if you can access past bills through online account access.

Should I keep old credit card statements?

Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years. Tax Returns and Tax Receipts: Just like tax-related credit card statements, keep these on file for at least three years.

Should I shred old credit card statements?

According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

How long should you keep a credit card statement?

Records Retention Guideline #4: Keep everyday paperwork for 3 years It’s rare that anyone is going to want to see an electric bill or credit card statement dating back more than a year. But you may choose to keep the following NON-TAX-RELATED items for up to 3 years for internal use:

How long should I hold on to my old bills?

To hold for a year or less (with some buts): But if you’re potentially deducting medical expenses on your tax return, hang on to the bills. Monthly/quarterly account statements: Hold on to statements from your investment and retirement accounts until you receive the year-end one, which summarizes the previous 12 months.

How long do you have to keep tax records?

Records Retention Guideline #3: Keep tax records for 6 years. The IRS may go back 6 years to audit your tax returns for errors or incorrectly claimed deductions – so it’s important that you keep all tax-related documents for that length of time, including: Bank records.

How often should you shred a credit card bill?

1 Credit card bills: Shred immediately when paid. 2 Bank statements: One month 3 Bills: One year for anything tax or warranty related; all other bills should be shred as soon as they have been paid. 4 Paychecks and pay stubs: One year, or until you’ve received your W-2 statement for that tax year