If your file cabinet is overflowing, here are the papers you can do without:
Canceled checks more than six months old, unless they’re for tax-deductible expenses, home improvements, or child support.
Used check registers.
Bank statements that aren’t part of your tax or investment records.
Deposit slips, once you’ve made sure the bank entered them correctly.
Tax returns and supporting data that are more than seven years old. But remember, the IRS can audit six years back if you underreported income by more than 25 percent. It can audit as far back as it likes if you failed to file a return or committed fraud.
Paycheck stubs, after you’ve received a W-2 from your employer at the end of the year.
Receipts for regular bills, like utilities.
Monthly or quarterly statements on investment accounts, once you have a yearend statement.
Receipts and warranties for items you no longer own.
All records of investments you no longer own, except those needed to back up your tax returns.