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Testimonials
"...it is because of your company that I have been able to survive these last few years. I will never be able to thank you enough for giving me back my life debt free. God Bless you all!"
Nancy F.
Detroit, MI
Credit Card Payoff Calculator
When paying bills and organizing financial files, you may have questioned, “how long should I keep this?” or even “do I need to keep this?” Your files may be bursting at the seams and it’s time to clear them out. However, you don’t want to burn yourself by getting rid of something you may need, especially if Uncle Sam comes knocking at your door. Here is a quick summary of the basic types of papers to save and for how long.
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Bills
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1 year to permanently; typically you can shred the bill when you’ve gotten your cancelled check back from the bank.
If you pay electronically or by debit, keep your bank statements for proof of payment.
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Credit card statements and receipts
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45 days to 7 years; keep the receipts until you get the statements to reconcile. Any statement that includes tax related expenses should be kept for 7 years.
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Bank records
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1 year to permanently; any statement that includes tax related expenses should be kept. Shred unimportant bank records after 1 year.
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Paycheck stubs
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1 year or until you receive your annual W-2; make sure they match.
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Home/condo records
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6 years to permanently; keep all documents on the purchase price and all improvements.
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Brokerage statements
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Keep until you sell; keep all purchases and sales receipts to prove capital gains or losses for tax purposes.
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Retirement/savings
plan statements
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1 year to permanently; keep quarterly statements until you receive the annual summary and keep annual summaries until retirement or close the account.
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IRA contributions
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Permanently
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Taxes
Returns, cancelled checks and receipts
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7 years
The IRS has a 3 year statute of limitations from the filing date to audit the return if it suspects good faith errors; you have 3 years to file an amended return.
The IRS has 6 years to challenge your return if suspects your gross income was underreported by 25% or more.
Go to irs.gov for more detailed tax information.
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If you find you are struggling with credit card debt, please contact credit counseling company today.
About Christian Credit Counselors, Inc.
Christian Credit Counselors, Inc. is a national, non-profit organization dedicated to helping consumers achieve financial wellness through counseling and education. Established in 1994, Christian Credit Counselors has helped over two million individuals achieve financial security. Christian Credit Counselors is one of the top members of the American Association of Debt Management Organizations (AADMO), Christian Credit Counselors manages clients across the country. Personalized and confidential consultations are available in person, by phone or online. Visit Christian Credit Counselors or call 888-767-9155.
Greg McTaggart, Certified Credit Counselor with 22 years experience, licensed by AFCPE, Director of Christian Credit Counselors and is an expert in budget and credit counseling. Having the combined experience as a licensed Real-estate salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the Cincinnati Credit Executives, Mortgage Assistance Counselor and Spokesperson of the radio talk show “The Money Mentor”, Greg McTaggart is a qualified Christian Credit Counselor to help you.
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