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Default long keep utility type bills after i've paid them

I keep bills, pay stubs, and income tax returns, and financial statements for life. Never know when they might come in handy. Everything gets scanned to an OCR compatible PDF for archival purposes. Paper bills get shredded after 5 years. Keep plenty of backups of electronic files.

As a rule, the IRS can go back 3 years to audit your returns. They can go back 7 years if they suspect fraud.

There was a class action lawsuit against Union 76 about 15 years ago. Having saved all my paper gas receipts I was able to collect about $80 from the settlement fund, whereas most people received the standard $5.
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