Home Office Organization can be a little daunting. We often struggle with the amount of paper that accumulates in our house to be filed. Seems like everyday the mail comes…there’s more! There are also the questions of what to keep and for what time period.
Below is a helpful chart of what paperwork to keep for your home office and for how long.
Keep for 1 Month:
- Sales receipts for your small purchases.
- Credit card receipts (after you’ve checked them against your statement)
- Phone and utility bills (if you don’t get them electronically)
- Withdrawal or deposit slips
Keep for 1 Year:
- Monthly bank, credit card, brokerage, mutual fund, and retirement account statements
- Mortgage statements
- Pay stubs (toss after you reconcile with your W-2 or 1099)
Keep for 7 Years:
- Year end statements from credit card companies
- W-2 or 1099
- Phone and utility bill if you deduct any portion for business
- Cancelled checks and receipts or statements for annual mortgage interest and property taxes, deductible business expenses, child care bills, or any other tax deductible expense
- Tax returns
- Will and trusts
- Real estate records
- Home improvement records
- Medical information
- Marriage license or divorce decree
Things to keep in Your Safe Deposit Box:
- Birth and death certificates
- Marriage license
- Insurance policies
- Social Security Card for children
- Vehicle registration
- Copy of important documents like Wills and Trusts
Don’t forget to keep an inventory of what’s in your safe deposit box and update it annually.
This information is just a guideline. Check with your accountant to make sure they make sense for your family finances.
I assure you, taking the time to go through the paperwork in your home office, especially in small chunks like this, will make you feel VERY productive and VERY organized! Go for it!
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