WJTV News Channel 12 - Time for spring cleaning of your financial records

Time for spring cleaning of your financial records

Posted: Updated:
TAMPA, FL (WFLA) - It's the time of year for some Spring cleaning. But don't just clean your house. Experts also recommend you clean up your financial records.

Marielis Rivera of Tampa launched her own law practice this year. Now that she's filing her taxes, she's been searching piles of paperwork for the right documents.

"I was keeping double of some things," she said. "This year, I'm going to try to do it as I go and keep it in a better system than I did last year."

Rivera hired an accountant to help her clean out her financial files.

"I went from my piles to less piles."

And she's not the only one trying to get organized. Consumer attorney Eric Seidel says it's a good idea to spring clean your financial life, as you file your taxes.

"There's some stuff that's very important to keep, but at the same time, you don't want your house to be filled with so much paperwork and so much clutter that you can't find the stuff that you really need to keep."

But before you get the itch to pitch too many documents, Seidel recommends you keep certain forms longer than others.

Things to keep for a month:

*Credit card statements

*Car payments and recurring bills.

But make sure the bills are accurate before tossing.

Things to keep for a year:

*Bank statements

*Any other financial records you won't use on your taxes.

There are certain things you need to keep longer, though.

"Anything that is proof of something you deducted on your taxes," Seidel said. "You want to make sure you keep all of that for seven years. So just in case the IRS does suspect some type of fraud and they decide to go back, well then you'll be able to prove it in an audit."

The IRS has three years to audit a return, but if you get audited they can go back up to seven years ... so make sure you have all tax-related documents. And shred everything you decide to toss so no one steals your personal information.

Rivera says the tips she's learned will make next year's tax season a lot easier.

"It's better to just keep my bank statements and highlight expenses versus keeping 50 pieces of paper," she said.

  • 8 On Your SideMore>>

  • Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Thursday, July 31 2014 6:10 PM EDT2014-07-31 22:10:55 GMT
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
  • Tampa Bay Water begins filling Bill Young reservoir

    Tampa Bay Water begins filling Bill Young reservoir

    Thursday, July 31 2014 5:45 PM EDT2014-07-31 21:45:52 GMT
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
    Tampa Bay Water is celebrating a rebirth of sort for its beleaguered Bill Young reservoir. TBW is now diverting water from the Alafia river and filling the reservoir after a massive gutting and renovation project that cost in excess of $124 million dollars.
  • 8 on your side helps stranded Riverview driver get a new car

    8 on your side helps stranded Riverview driver get a new car

    Thursday, July 31 2014 4:10 PM EDT2014-07-31 20:10:54 GMT
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
    Last week, 8 on your side told you about the plight of Christopher Soto and his recalled car.Last fall, Soto purchased a 2004 Chevy Malibu from DriveTime, a used car dealership in Brandon.
  • Sign up for WFLA News Channel 8 Email Alerts

    * denotes required fields






    Thank you for signing up! You will receive a confirmation email shortly.
Powered by WorldNow

1820 TV Road
Jackson, MS 39204

Telephone: 601.372.6311
Fax: 804.819.5569
Email: wjtvnews@wjtv.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.