Now that most Americans have filed their taxes, it's time for the annual ritual of throwing away records and papers that may no longer be necessary. But which record to pitch and which to keep?

Since the whole purpose of keeping tax records is to have proof of a deduction if the IRS questions it, keep tax records for at least 3 years from the date you riled.

Keep all stock, bond and home purchases indefinitely, even if you've sold the asset.

If the records pertain to a bad debt deduction, keep those for at least seven years.

Business owners should keep all employment tax records for four years after the tax is due or paid, whichever is later.

And if you fudged your deductions or didn't file at all, keep all records indefinitely. For cheaters there's no statute of limitations for fraud. For non-filers, sooner or later you'll be caught and you'll need those records to file a return.