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Post by jenjie on Jan 21, 2021 16:26:13 GMT
1. Do you keep old tax returns in a safe, filing cabinet or box, or somewhere else? I have a small safe I keep them in but it’s getting pretty full. I’m wondering if it’s safe to just file them.
2. Do you file paid bills according to company or date (like all bills for January in a January folder)? Do you keep paid utility bills?
I have everything filed according to company name, other than utility bills. I put them in a file named utility bills. I know a lot can be done online now, so I’m wondering if they are safe to shred once I receive the next month’s statement and see that they recorded my payment. I will not do online billing. I did that once and I need to handle the paper bill, otherwise I forget to pay it.
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smartypants71
Drama Llama
Posts: 5,696
Location: Houston, TX
Jun 25, 2014 22:47:49 GMT
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Post by smartypants71 on Jan 21, 2021 16:31:05 GMT
Probably not what you want to hear then, but I do all paperless billing, so I don't store anything. I DO, however, use The Budget Mom's Budge by Paycheck workbook, so I don't forget to pay anything. that's the only thing I write on paper. Also, I file my taxes online as well, so I just keep a PDF of the last relevant years.
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Post by gizzy on Jan 21, 2021 16:31:36 GMT
I store taxes on my external hard drives. I don't save paid utility bills. I will save paid receipts for things such as a new furnace, carpet installation, etc.
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Post by femalebusiness on Jan 21, 2021 16:33:17 GMT
I have paper copies in a file cabinet but I also have a box of thumb drives with copies of everything in my life on them and a back up for each drive. Those are what I would grab in an emergency. Small box, easy to grab fast.
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Post by jenjie on Jan 21, 2021 16:35:42 GMT
Probably not what you want to hear then, but I do all paperless billing, so I don't store anything. I DO, however, use The Budget Mom's Budge by Paycheck workbook, so I don't forget to pay anything. that's the only thing I write on paper. Also, I file my taxes online as well, so I just keep a PDF of the last relevant years. I’ll look into that workbook. Thanks! Do you keep W-2 and other tax documents as well as the pdf?
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Post by workingclassdog on Jan 21, 2021 16:36:16 GMT
I keep old tax returns in the folders they come in from the tax person. I write the date on it and I was (until last month) filing them in a drawer in the desk. I moved them to a drawer in a dresser in my bedroom. This dresser is only used for storage (It's huge and great for storing stuff and hate to get rid of it.)
Bills that I have paper for, get paid, confirmation number and other info written on it and just filed in a big three ring binder. When it is close to filling up I pull out the utility bills first and toss. Then if still full, I will just go page by page and see what I can toss. Rest of papers that I feel I need to save (which I probably don't) get thrown in a expandable file folder, in kinda of date order. I will go through that whenever... not often.
I can't bring myself to keep my tax returns just on the computer... not yet. I do have them or some of them on there since they were emailed to me... but I always print them out and anything that has to do with taxes for that year I throw in that folder. For years I was paying some taxes due to a big error.. so I had mail from the IRS from that plus the state until I got it all paid back. And if I need anything for whatever reason I can just go to that folder and pull out what is needed.
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Post by jenjie on Jan 21, 2021 16:36:39 GMT
I have paper copies in a file cabinet but I also have a box of thumb drives with copies of everything in my life on them and a back up for each drive. Those are what I would grab in an emergency. Small box, easy to grab fast. That’s good too! Thanks
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Post by PolarGreen12 on Jan 21, 2021 16:54:19 GMT
I file electronically so I scan each return with it's corresponding forms w2s 1095s 1099s etc and save to a folder. I do keep the hard copy in with my files just in case.
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Post by ntsf on Jan 21, 2021 16:56:52 GMT
I keep a hard copy of all tax returns in file cabinet. when I retire.. I will have to use my 2004 tax returns to prove I did not earn the money listed on my ss report (they will not let me correct it now.. have to wait til I turn 65). I don't trust only electronics for long term.. I do have electronic backups..
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Post by katlady on Jan 21, 2021 17:02:58 GMT
We keep our tax returns in a box. We get ours professionally done. The tax guy files it electronically for us, and gives us a hard copy which also has whatever receipts we used for deductions attached to it. We have about 20 years worth stuffed into boxes.
Utility/credit card bills - we keep in a pile for six months and then toss/shred every June and December.
Anything else we keep is put in a file cabinet. We try not to keep too much.
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Post by jlynnbarth on Jan 21, 2021 17:07:31 GMT
I file my taxes online, so I have them saved that way, but I also print hard copies and file them in a Manila envelope, by year and they get filed in an antique trunk. I used to save EVERYTHING because “bookkeeper/accountant” and it was ingrained in my brain to save everything for a gazillion years 😂. Now I save them because they are hysterical. 🤣. I have all the way back to 1986 when I had my first job. It’s one page, so it’s not like it’s taking up much space. My adult kids think it’s a hoot to look through them and see what we made compared to now.
As far as regular bills, anything I don’t pay online gets put in a folder and saved til taxes are filed and then they get shredded. Receipts for big ticket items that have warranties go in a file marked “warranty”.
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Post by padresfan619 on Jan 21, 2021 17:10:14 GMT
I keep tax returns in a file cabinet along with our other important documents. I do all of my bill pay online so I don’t get paper statements, before switching to paperless all statements got shredded. I can access my statements at any time through the website so if I ever need something they can be downloaded and printed quickly.
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Post by Basket1lady on Jan 21, 2021 17:12:42 GMT
We keep 7 years of taxes. We have those old-school bankers envelopes with the string that ties around them to keep them closed. Each year gets an envelope with all the receipts, forms, worksheets, etc. Taxes are the only part of our finances that DH handles and that’s how he does it. He likes to keep every piece of paper. I don’t have to do the taxes, so I’m fine with it. It takes up about 5” in our file cabinet.
As for regular bills, I normally pay them online and that’s that. All the accounts have the ability to look up past payments, so I didn’t keep anything. However, here I’ve done a hybrid of modern and old school. Because my French is still limited, I keep all the statements and file them by company. If I need to look anything up, I’ll pull the electric bill vs August’s bills. I have done it both ways and it does work. I just prefer to keep them by company. Before we move back to the States, I’ll shred everything other than the current bill that shows that the previous month has been paid.
In short, yes, you can shred the previous month’s bill once you have a new bill showing the payment has been recorded. Your bank will also have a record of the payment.
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keithurbanlovinpea
Pearl Clutcher
Flowing with the go...
Posts: 4,254
Jun 29, 2014 3:29:30 GMT
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Post by keithurbanlovinpea on Jan 21, 2021 17:27:27 GMT
Probably not what you want to hear then, but I do all paperless billing, so I don't store anything. I DO, however, use The Budget Mom's Budge by Paycheck workbook, so I don't forget to pay anything. that's the only thing I write on paper. Also, I file my taxes online as well, so I just keep a PDF of the last relevant years.
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Post by jenjie on Jan 21, 2021 17:35:48 GMT
I file my taxes online, so I have them saved that way, but I also print hard copies and file them in a Manila envelope, by year and they get filed in an antique trunk. I used to save EVERYTHING because “bookkeeper/accountant” and it was ingrained in my brain to save everything for a gazillion years 😂. Now I save them because they are hysterical. 🤣. I have all the way back to 1986 when I had my first job. It’s one page, so it’s not like it’s taking up much space. My adult kids think it’s a hoot to look through them and see what we made compared to now. As far as regular bills, anything I don’t pay online gets put in a folder and saved til taxes are filed and then they get shredded. Receipts for big ticket items that have warranties go in a file marked “warranty”. LOL I was a banker so that’s part of my problem!
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Post by bianca42 on Jan 21, 2021 17:36:15 GMT
Years ago one of the peas recommended Freedom Filer. There are 24 monthly folders for odd/even years. At the beginning of this month I pulled out the January 2019 paperwork and shredded it...and started putting January 2021 paperwork. I put paystubs and bills in here. Things I don't need to keep forever. There are 10 tax folder labels. Year ending 1, 2, 3, 4, etc. I know that you only need to keep 7 years of taxes, but I keep 10 just because it's easy to keep the rotating file system. There are also other folders labels for things that need to be kept forever.
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Post by anniefb on Jan 21, 2021 17:39:53 GMT
I have a few old paper tax returns in a box as I keep them for 7 years but all the more recent ones are electronic. And like others, all my billing is paperless and paid by automatic payment or direct debit.
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Deleted
Posts: 0
Apr 27, 2024 0:44:55 GMT
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Post by Deleted on Jan 21, 2021 17:42:48 GMT
1. Do you keep old tax returns in a safe, filing cabinet or box, or somewhere else? I have a small safe I keep them in but it’s getting pretty full. I’m wondering if it’s safe to just file them. 2. Do you file paid bills according to company or date (like all bills for January in a January folder)? Do you keep paid utility bills? I have everything filed according to company name, other than utility bills. I put them in a file named utility bills. I know a lot can be done online now, so I’m wondering if they are safe to shred once I receive the next month’s statement and see that they recorded my payment. I will not do online billing. I did that once and I need to handle the paper bill, otherwise I forget to pay it. You know how small our home is (I'll preface it with that), but I keep all copies of paid monthly bills with confirmation #s and info. It comes in handy. I keep them in a binder. After the year is up, I bind them together and hold onto it into the next year, and then usually throw it out.
I do NOT do online billing or any autopay anymore. My online bank acct got hacked 3 times and I decided to do it as old-school as I possibly can. (Today I'm going to the bank to pay my monthly car loan. I won't ever pay it online). Takes time but it's safer. I'll keep that receipt.
I need to have paper bills too, sadly, or I forget!! I even have a dedicated calendar with dates to pay specific bills, but it's not as effective as having a stack of paper bills. I put the due date, amt due, etc., on the front and once it's paid, I put that info on there and put it in my binder.
HTH. If I could fit it in my tiny home here, it could be done!! Good luck. xo
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Post by **GypsyGirl** on Jan 21, 2021 17:52:15 GMT
We physically keep 7 years worth of tax returns and supporting documents. All returns have been filed electronically for years so there are also electronic copies going back further than 7 years. The physical ones are kept in my desk drawer. Since they are saved electronically, I don't feel the need to keep them in the safe. Nearly all monthly bills are paid online and I never receive a physical statement. The only paper I keep is related to house improvements/repairs or large purchases (furniture, jewelry, etc). However, I also scan those with Scannable and store in the cloud. Nearly all monthly bills are paid automatically with a credit card and I just make appropriate cc payments each pay period. I DO, however, use The Budget Mom's Budge by Paycheck workbook, so I don't forget to pay anything. that's the only thing I write on paper. I made up an Excel spreadsheet with the monthly budget. One tab shows the entire month, while a second tab is my 'working tab'. I have a column for each paycheck and the bills to be paid listed under it. DH is paid every two weeks, so things sometimes move from column to column depending on due dates.
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tracylynn
Pearl Clutcher
Posts: 4,861
Jun 26, 2014 22:49:09 GMT
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Post by tracylynn on Jan 21, 2021 17:54:18 GMT
I had all my tax returns going back to when I was in High School (1992 or so).
I finally scanned everything, then destroyed them. I do not keep paper copies of many things. It's all backed up in 2 places and that's just going to have to be good enough.
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Post by jenjie on Jan 21, 2021 18:21:50 GMT
We physically keep 7 years worth of tax returns and supporting documents. All returns have been filed electronically for years so there are also electronic copies going back further than 7 years. The physical ones are kept in my desk drawer. Since they are saved electronically, I don't feel the need to keep them in the safe. Nearly all monthly bills are paid online and I never receive a physical statement. The only paper I keep is related to house improvements/repairs or large purchases (furniture, jewelry, etc). However, I also scan those with Scannable and store in the cloud. Nearly all monthly bills are paid automatically with a credit card and I just make appropriate cc payments each pay period. I DO, however, use The Budget Mom's Budge by Paycheck workbook, so I don't forget to pay anything. that's the only thing I write on paper. I made up an Excel spreadsheet with the monthly budget. One tab shows the entire month, while a second tab is my 'working tab'. I have a column for each paycheck and the bills to be paid listed under it. DH is paid every two weeks, so things sometimes move from column to column depending on due dates. I pay most things electronically. How do you set it up automatically? I don’t mean the how, I have set up recurring payments for things like my cellphone bill, since that doesn’t tend to fluctuate much.. I pay my full credit card balance every month but there’s too much variation to sign off on the full balance being withdrawn without me checking. Like this month I used CC to pay this semester’s college for 2 kids. I’ll ensure there’s enough to cover in my account before I pay the bill.
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Post by papercrafteradvocate on Jan 21, 2021 18:36:53 GMT
Electronic backed up on a portable hard drive that is safe from fire or other disaster.
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Post by workingclassdog on Jan 21, 2021 19:04:57 GMT
I file my taxes online, so I have them saved that way, but I also print hard copies and file them in a Manila envelope, by year and they get filed in an antique trunk. I used to save EVERYTHING because “bookkeeper/accountant” and it was ingrained in my brain to save everything for a gazillion years 😂. Now I save them because they are hysterical. 🤣. I have all the way back to 1986 when I had my first job. It’s one page, so it’s not like it’s taking up much space. My adult kids think it’s a hoot to look through them and see what we made compared to now. At some point it was okay to toss old tax returns but I can't either, it's fun to look at!! My first one was also from 1986... I would say from 1986 to 1996 were all probably pretty small so not much room.
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maryannscraps
Pearl Clutcher
Posts: 4,728
Aug 28, 2017 12:51:28 GMT
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Post by maryannscraps on Jan 21, 2021 19:10:49 GMT
I only keep paper copies of bills until I see they have posted. If it’s a tax related expense, I throw it into my current year’s tax folder. In order to file my taxes, I have to scan all tax documentation for the tax accountant. I shred the paper then. All my taxes and the backup documentation are electronic. I don’t keep paper copies anymore. My computer has two different backup storage methods. I’m giving away my filing cabinet. All my paper docs fit in a couple file folders.
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Post by myshelly on Jan 21, 2021 19:29:29 GMT
I try very hard to eliminate paper clutter.
I have asked not to receive paper copies of bills in the mail, so I don’t get them much less keep them.
We have a very small fire box (like shoe box size) where we keep things like deeds, titles, passports, and SS cards.
That’s it. That’s all.
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Post by **GypsyGirl** on Jan 21, 2021 20:06:21 GMT
Electronic backed up on a portable hard drive that is safe from fire or other disaster. Good idea, but I'd recommend having a second hard drive in another location. While a fire-proof safe is good, we learned they are not infallible when a friend lost everything - including the fire-proof safe - in the 1991 Oakland fire. I pay most things electronically. How do you set it up automatically? I don’t mean the how, I have set up recurring payments for things like my cellphone bill, since that doesn’t tend to fluctuate much.. I pay my full credit card balance every month but there’s too much variation to sign off on the full balance being withdrawn without me checking. Like this month I used CC to pay this semester’s college for 2 kids. I’ll ensure there’s enough to cover in my account before I pay the bill. Anything set up electronically is tied to my credit card. I pay very little directly from my checking account, and nothing online as I don't want the exposure. The credit card is paid in full each month so I never have to worry about the balance. I also keep a list on Excel of all the monthly and annual charges that are tied to that card. If/When the card is hacked, I can make sure that the card number is changed on all relevant accounts.
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java
Junior Member
Posts: 81
May 15, 2016 5:32:05 GMT
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Post by java on Jan 21, 2021 20:16:08 GMT
I store tax returns in sheet protectors in a binder. I have a protector for the federal return, one for the state return, and one for the documentation. I put a label on each protector with the year and what is inside (ex: 2018 federal return filed electronically). I have a external hard drive with the returns as well. Each year has 3 sheet protectors. I have found it takes up much less room than in a filing cabinet. I also hate cardboard boxes so this works out well for me. I do not save any old utility bills. Total waste of space and time in my opinion.
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Post by bigbundt on Jan 21, 2021 22:25:18 GMT
1. Do you keep old tax returns in a safe, filing cabinet or box, or somewhere else? I have a small safe I keep them in but it’s getting pretty full. I’m wondering if it’s safe to just file them. I put tax returns in plastic string envelopes( like this), and I throw in our medical paperwork for the year too. They are kept in a fire proof safe. I used to shred them after 7 years but these days, I don't shred until we run out of room in the safe. I don't file any bills in any sort of order to keep them. I have all our bills in two folders in a wall pocket in my office. When I get a bill in, it goes into the "Bills to be Paid" folder. Once I have scheduled a bill to be paid through my bank, I move it into the "Paid Bills" folder behind the first folder. I keep them until I run out of room in the folder and then I shred the older half of it, probably 1-2 times a year. The only bills I "file" elsewhere is our tax bills/receipts for our property taxes (cars and house). Those get filed in a "Tax" folder that is in the wall pocket right underneath my Bills pocket. When I do our taxes, the contents of that folder is added with the tax return in the plastic envelopes.
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Post by bigbundt on Jan 21, 2021 22:32:39 GMT
I pay most things electronically. How do you set it up automatically? I don’t mean the how, I have set up recurring payments for things like my cellphone bill, since that doesn’t tend to fluctuate much.. I pay my full credit card balance every month but there’s too much variation to sign off on the full balance being withdrawn without me checking. Like this month I used CC to pay this semester’s college for 2 kids. I’ll ensure there’s enough to cover in my account before I pay the bill. My lazy way to do this is to schedule my bills to be paid whatever payday is before the due date. So if something is due the 15th and pay day is the 10th, I schedule it through my bank bill pay to come out on the 10th. Direct deposit hits and then the bills come out. Basically our checking account is a whoosh of money in and then back out out on pay days. There are sometimes some weird bills that fall in between checks but because payday is every two weeks for us, that doesn't happen very often.
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Post by AussieMeg on Jan 22, 2021 0:28:49 GMT
Thank goodness I don't have to worry about that anymore, I don't have any papers relating to my tax return at all. Everything is done electronically through the ATO (Australian Tax Office). I log into my MyGov account, they have all of my tax information. Employers now no longer have to provide us with a group certificate (the document that says how much you've earned and how much tax you paid) because it goes straight to the ATO. All of my share dividends and bank interest etc is there as well. The only thing I have to do is add any deductions then hit submit. NO MORE PAPERS YAY!
As for paying bills..... some are on direct debit, and we get a copy of the bill by email. Other bills are sent by email, and I delete the email after it's paid. I have absolutely no reason to keep any old bills. If for some unknown reason I ever needed to check an old bill, I would log into my phone / gas / electricity account and look it up. Once you've paid them, get rid of 'em!
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