What Financial Records to Keep Each Year & for How Long

woman on laptopCongratulations, you finally finished your taxes! So ... which tax documents should you keep and which can you toss? And how long do you need to hold onto them? Here's what you should keep every year.

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We got some advice from tax attorney Robert Hoffman and CPA Micah Fraim to find out what tax-related documents we should keep after we've filed. He boiled it down to anything you'd need to defend an audit. "For individual taxpayers who earn a regular paycheck, this usually means evidence of deductions taken on Schedule A." Read on to find out what that means, specifically.

What do you usually do with your paperwork after you file your taxes?

financial recordkeeping 

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Budget finances