Q&A: Retaining receipts

Q: How long should we keep our receipt books and our credit card slips? Also, if I use accounting software, how long do I need to keep my check stubs and invoices?

A: Some professionals believe that you should keep all of your receipts, credit card statements, accounting software records, etc. indefinitely. On the other hand, some professionals have advised to keep such things for at least 10 years. It is recommend keeping these items in a storage area indefinitely.