Checklist: Record-Keeping

Things to do this weekend with your money

As you sort through your papers in preparation for filing your taxes, you also might consider streamlining your filing system.

* What to keep. You should keep tax returns and all supporting documents for at least seven years. Paperwork related to the purchase of an asset--a home, car or investments--should be kept at least until you sell the asset, plus an additional seven years if needed for tax purposes. For more information, see IRS Publication 552, focusing on record keeping for individuals, available at www.irs.gov.

* What to toss. If it’s not needed for tax purposes or as proof of a purchase, you probably can get rid of it. This can include utility bills, credit card receipts and statements, insurance policies for assets you no longer own and will never file a claim on, and old pay stubs (except for the last, cumulative stub for each year). For more information on dealing with paper, visit www.getorganizednow.com.

* When to get help. If you own a business, trade stocks frequently or otherwise have a complicated tax situation, it can pay to ask a professional tax advisor for suggestions about the best way to organize your files. To find a certified public accountant, visit www.calcpa.org. To find a tax specialist known as an enrolled agent, visit www.naea.org.