TBow Posted January 9, 2010 Report Share Posted January 9, 2010 I retired just about 4 months ago, and during this past fall, I had all kinds of nifty projects and stuff to do outside (as I don't have an enclosed garage or workshop. I could go hunting, or build things or fix some of the tons of things I let go to pot all those years I was workin' all the time. But low and behold, winter has tagged me with the indoor blues, as I'm not much into working outdoors and freezing my buns off....anymore! I'm gon'na try and make it out hunting some this winter, maybe try my hand at ice fishing and take the grandkids out in my Argo if breakdowns don't plague me with it. For the most part though, I'll be working indoors most of the winter what with painting and organizing all the stuff I let pile up over the past 35 years. So here's my question for any of you accounting types: Q: How far back should you keep old invoices and receipts? I've been scouring all over my house for the tons of old files, documents, invoices, receipts and whatever other paper entrails I could lay my hands on. I had NO IDEA how much junk you could accumulate over 30 plus years! I've crammed almost 3 cardboard boxes full of what I think are dilinquent pieces of paper, but will admit that I was hesitant to rip and toss some, as I have no real sense of how long to retain old bills and receipts. I know for a business, the government requires that you retain records for 7 years, but for a local yocal, what's reasonable? Two years of records? I've also advised my three kids (who are all older and moved out on their own), that they can come home to sort through all their junk that they'd left here......and either take it with them, or daddy is a gon'na put it all into a dumpster. It's like their old bedrooms turned into remote storage containers for them, so I seem to have lost the use of 75% of the bedrooms in my house....and there's only the bride and I living here! Well I shouldn't say ALL the bedrooms have gone to waste. My son's old bedroom has been tranformed into TBow's "man cave" in my quest for projects to do. But for the other two bedrooms, you have to back out into the hall just to turn around as they're pretty much jam packed with junk. As you can see from the length of this post, 'Ol TBow is pretty much getting bored and looking for things to do. C'mon spring!!!!!!!!!! TBow Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted January 9, 2010 Report Share Posted January 9, 2010 personal records also must be kept for 7 years. typically, if you haven't been audited for 4 years, you're safe. BUT, at the will if the irs, they can go back for 7 years. AND, if they catch you substantially cheating, they can go back 7 years from the cheating year. i keep everything for 7 years, then clean it all out. that still gives you 28 years of debris to get rid of... lol Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted January 9, 2010 Report Share Posted January 9, 2010 personal records also must be kept for 7 years. typically, if you haven't been audited for 4 years, you're safe. BUT, at the will if the irs, they can go back for 7 years. AND, if they catch you substantially cheating, they can go back 7 years from the cheating year. i keep everything for 7 years, then clean it all out. that still gives you 28 years of debris to get rid of... lol Quote Link to comment Share on other sites More sharing options...
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