While the basic rule is to keep itemized tax deduction records for three years after you have filed your income tax return, that period is lengthened if any information is questioned by the Internal Revenue Service (IRS). Thus, many experts recommend saving tax records for at least six or seven years...just in case. Routine utility bills should be kept at least until you receive proof (e.g., checking account statement or a future utility bill) that indicates your check for payment has been received. Some people like to keep utility bills for a few years, however, to have records to compare current utility prices and energy use against. You can either save the actual bills or create a spreadsheet using the information from past bills to track each month's energy usage and payment. Utility bill history may also provide useful information to potential home buyers if you decide to sell your home. We would like your feedback on this Personal Finance Frequently Asked Question.

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