Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
Every billing statement, every letter, every receiptâ I couldnât get her to part with a single piece of paper, says Leeds, author of One Year to an Organized Financial Life (Da Capo Press, 2008). While Leeds says there are financial documents you should keep for life, most can be held three years or less. Unless it shows proof of a deductible expense, many documents and receipts can be shredded monthly or annually, says Leeds. Material that supports tax returns should be saved for three years.