THE income tax filing deadline is, thankfully, receding on the calendar. And while most people would prefer to move on to other, more pleasant activities, now is a good time to consider how you save your tax returns and other financial documents.
What should you keep, and what can you toss?
Darren Zagarola, an accountant and financial adviser with EKS Associates in Princeton, N.J., says that many people store records for much longer than necessary. Clients over 50, in particular, seem fond of stashing reams of paper records in storage boxes, he said, adding that one of his clients had saved utility bills from the 1950s. While it may be fun to marvel at a $5 gas bill, there’s little reason to keep such paper for decades.
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