Now that your taxes are filed, and you can come up for air from the sea of paperwork, what must you keep? What can you throw away?

What you need: Your annual tax returns; you can ditch the supporting documents after three years, after six years if you're self-employed. (That's how late the IRS can start an audit.) Save records that show how much went into and came out of your IRAs and 401(k) accounts. Were some contributions after-tax?

If you own your home, save all records that pertain to it as long as you live in it - plus three years. Save records showing the purchase price and the cost of capital improvements. They may not only impress potential buyers; the cost of the improvements can trim your taxable gain when you sell.

Before you throw anything away, though, invest in a good paper shredder, preferably a crosscut or confetti model. "Disappear" important private pages to protect against identity theft.

Tax questions? We've got the answers you need at G M Hietpas CPA, LLC.