Keep or toss? A paperwork primer

Here’s what you can toss each month:

ATM, bank-deposit slips and credit card receipts after you have checked them against your bank or credit card statements.
Receipts for minor purchases – unless there is a warranty or refund involved.

After a year, you can pitch:

Monthly bank and credit-card statements (unless you require proof of deductions for taxation purposes).
Monthly mortgage statements (so save the  year-end summary of your account)
Pay stubs after they are checked against your W-2 or 1099.

Finally! After seven years you can pitch:

Your W-2 and 1099 forms
Cancelled checks and receipts or statements for mortgage interest, property taxes, deductible business expenses or other tax-deductible expenses.

These should be kept indefinitely:

Annual tax returns
Year-end summary statements from financial institutions.
Receipts for the purchase of any investments you own.
Receipts for home-improvement costs or major purchases that may be needed for insurance claims or similar.