Documents You Should Keep

Most of us store too many documents, too long. Here are guidelines on what records you should keep. Everything else – be ruthless! Ask yourself whether you can get it online, and when was the last time you needed anything from that file. 

Keep these documents:

  • One year of personal/household vendor invoices and statements
  • Seven years of tax returns and associated receipts/documentation
  • Keep investment tax basis information permanently

Tax implications:

  • Keep good records for income tax deduction purposes
  • Make itemized lists of household items you donate to charity; this will maximize tax deduction value
  • Put your “hobby assets” to good use - Seek out charities that may have a need for some of your collections
  • Remember that “related use” by a charity that uses your donated item to directly support its exempt purpose (like a used car donated to a charity that will use it, not turn around and sell it), will get you a greater tax deduction 

Share these important documents NOW with those who will need them, and include them in the documentation stored in a safe place, mentioned above:

  • Financial Power of Attorney
  • Health Care Directive
  • Estate planning documents


Just start somewhere.  You’ll be happy you did - everyone loves a sense of accomplishment!  If you feel stuck and have any questions that you need answered to get you started, don’t hesitate to contact us via our website  Send us your questions via email and we will get back to you or call us at 612-203-2718.