5 Precious papers to hang on to

With some important documents, there's nothing like the original. Life will be easier if you keep these safe in your files.

1. The new-car sticker Also known as the "Monroney label," after the U.S. senator who advocated its creation in 1958, the window sticker on a new car is full of valuable data that can help you with:
Insurance claims
Recalls and
Enhancing the vehicle's future sale or trade-in value
2. Your tax returns -- all of them You can ditch all the supporting documentation after seven years, but the tax returns themselves should stay with you for life.
The IRS and state income tax agencies typically are limited in how long they can audit your returns -- unless they decide you didn't file for a certain year.
3. Home-improvement receipts If your home has gained more than $250,000 in value (or $500,000 for a couple), you'll want to look for ways to reduce your taxable profit when you sell. Receipts for home improvements can help you do that.
The cost of improvements can be added to your tax basis -- essentially, the price you originally paid for your home. That, in turn, can reduce your taxable profit.
4. Final account statements Collection agencies have found a new growth industry: people who have already paid their bills. Any time you make a final payment on a bill or a debt, keep the paperwork showing you've paid what you owed. Some examples include when you:
Switch cell-phone, land-line or long-distance providers
Cancel a health-club membership
Shut down utilities (such as when you move)
Close a credit card account
Pay off a loan
Complete a debt-management or debt-settlement plan
Making sure you get that last statement showing a "zero" balance and a closed account can also help you avoid getting sent to collections for ridiculously small debts.
5. Bankruptcy petition and discharge Another lively category of collections efforts is debt that's already been erased in bankruptcy court.
The legal obligation to pay a debt ends when it's discharged in bankruptcy, and collectors are supposed to cease dunning you for the bill.