The short answers are Yes and About a Year.
In my never-ending and sometimes frustrating path to becoming a better bookkeeper, I came across one of the “How long do I have to keep this?” questions this morning. You know them. You run across a form, statement, some sort of important looking record. You think it needs to be saved for tax records, proof of warranty, or some kind of paramount purpose.
I went Googling and found a blog post on Consumerist.com called How to Not Suck.
I appreciate straightforward language.
In my case, my search brought up How to Not Suck at Dealing With Old Paperwork or How Long Should I Hold On To My Old Bills & Other Documents? which is just what I needed. It looks like I’ll be visiting the site again. There are a lot of intriguing titles.
So now you (and I) can figure out what to keep and how long. This will work for you whether you use paper and a filing system or whether you use a paperless system and keep all your files digitally.
Better yet, have your Virtual Assistant do all your filing. Especially if it seems like busy work to you. Your VA can organize all your paper and deliver it back to you; or scan the paper, organize it in digital files, and shred the paper! Saves you time, space and money.