Every year April 15 rolls around, and so many people ask me the infamous question, How long do I need to keep all this stuff??!!

And the answer generally is that if it has anything to do with your taxes, probably for a long time.

But have no fear! The average family can keep it all organized with a good filing system throughout the year, and some catalog envelopes to store documents from past years.

So how long do you need to store these records you'll probably never look at again? Denise Johnson of E&J Bookkeeping and Tax Service states, Your records must support the items on your return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can access additional taxes.

While you should always check with your accountant for your specific personal guidelines, some of the basic records retention rules are as follows:

3 YEAR RULE: All tax related records should be kept at least 3 years since the IRS has that amount of time after a tax return is filed to conduct an audit. For average taxpayers that includes the return itself, W-2 and 1099 forms, along with documentation supporting income and tax deductions.

6 YEAR RULE: The six-year rule applies to those with more complicated returns like the self-employed. The IRS has six years to do an audit if it suspects income was under-reported by more than 25 percent.

FOREVER RULE: Some documents must be kept forever. In addition, the IRS has an indefinite time limit on those who fail to file a return or who fraudulently file a return.

Audit Reports: Forever
Bank Deposit Slips: 6 Years
Bank Statements: 6 Years
Canceled Checks: 3 Years
Current Contracts and Leases: Life of Contract, plus 3 Years
Housing Records: As long as you own the home, plus 3 Years
     (Includes home improvements, additions, expenses
     involved in selling/buying home)
Insurance Records: Forever
Investment Records: 6 Years after sale of investment
     (Discard monthly statements once you receive annual
     summary that reflects yearly activity)
IRA Contributions: Forever
Legal Correspondence: Forever
     (Marriage Certificates, Death Certificates, Divorce
     Papers, etc.)
Real Estate Records: Forever
Receipts for Appliances, Computer Equipment, etc:
     Life of Asset, plus 3 Years
Tax Returns and Supporting Documentation: Forever
Warranties/Guaranties: Life of the Product

Sources: Evahoe, Kellog & Co. (ekc@ekccpas.com), Denise Johnson, E & J Bookkeeping and Tax Service (Ejtax@hotmail.com)

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