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How to Stop the Paper Trail – Receipt Storage

Let’s continue working through our paper trail, shall we?  This week we’ve been tackling receipts.  A few people wondered why I was sorting receipts…..if you itemize taxes and take deductions, you need to keep those receipts for at least 7 years in the event of an audit.  So the receipts pile up.
Here are some guidelines from Bankrate.com.
Here’s the process I used to sort through my receipts:
1. sort them by year
2. then into categories that make sense for your filing system – my categories are:
food + entertainment
home improvements
gas + travel
medical
I put three years’ of receipts in one plastic box – as long as the envelopes are labeled, this is a great way to consolidate receipts and save on storage space.
You could use a shoe box, a small plastic box, large envelope, or another type of storage container.
I used these plastic storage document boxes:
Let’s talk receipts, shall we?  What are you doing for your receipt storage?
Click here to see all the posts in this series.

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Comments

  1. i have a question, i want to know why you save receipts for? i’m from another country and we do not keep them? thanks

  2. Great ideas… Love that you break it down simply and VISUALLY for me. Also, it applies perfectly to me, as I often come across random stacks or bundles of receipts that I pulled from purses I was switching, etc. thank you! I can do this!

  3. Nice tips. Even I have used the shoe box for papers storage I warped up with coloured paper it was look nice.

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