NEW YORK (CNN/Money) - Taxpayers are thinking about, or soon will be thinking about, having to get out all the shoeboxes of receipts containing statements and records from last year so that they can begin preparing their taxes.

Some of us are so paranoid about identity theft that we want to shred everything containing any personal information ASAP after finishing our taxes. Others are pack rats, saving everything "just in case we ever need it."

Well, guess what: we're both wrong.

Yes, it's true there are some records you should keep for a long time, and others that are quick candidates for the shredder.

To facilitate your tax preparation and free up some closet or filing cabinet space, let's discuss a "keep" or "don't keep" strategy.

Although there are no hard-and-fast rules for determining what you should do with every piece of information, we have some basic guidelines.

Keep: Copies of tax returns and original back-up documentation for 7 years. File each year's documents in a box labeled by the year.

Don't keep: Documents past the 7 year limit, unless an adviser suggests you hang on to it for longer. Remember to shred any sensitive documents when you do get rid it of it.

You must keep your records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown 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 assess additional tax.

According to our survey of the IRS rules it's best to keep your records, which includes supporting documentation, for 7 years.

"Supporting documentation" includes:

Credit card statements. Save any credit card receipts that you have used in preparing your tax return. If your "premium" credit card sends you an annual rundown of your charges and that rundown jives with your monthly statements you could shred the monthly statements.

Medical bills. Some of your expenses not covered by your personal or employment health plan may be deductible. Save all documentation until you ascertain their tax deductibility.

Pay stubs. Save all of your stubs during the year. If your year-end stub is an accurate reflection of income and tax deductions for the year you may shred the monthly statements.

Investment expenses. Your records should enable you to determine your basis in an investment and whether you have a gain or loss when you sell it. Investments include stocks, bonds, and mutual funds. Your records should show the purchase price, sales price, and commissions. They may also show any reinvested dividends, stock splits and dividends, load charges, and original issue discount (OID).

Mortgage interest. If you paid mortgage interest of $600 or more, you should receive Form 1098. Keep this form and your mortgage statement and loan information in your records.

Home repairs and improvements. Some repairs or improvements may qualify as a tax deduction. Others may not qualify, but may be very helpful when calculating the cost basis for your home when you sell it. Keep all these documents with your tax records, and keep them until you sell your home. If you sell before 7 years, keep the deducted repairs with your tax records for 7 years.

Alimony. If you receive or pay alimony, you should keep a copy of your written separation agreement or the divorce decree. Also keep records of your separation maintenance costs, or the support decree. If you pay alimony, you will also need to know your former spouse's social security number.

Child care credit. You must give the name, address, and taxpayer identification number for all persons or organizations that provide care for your child or dependent. You can use Form W-10 or various other sources to get the information from the care provider. Keep this information with your tax records.

Charitable contributions. The kinds of records you must keep for charitable contributions depend on the amount of the contribution and whether the contribution is in cash.

Generally, if you make a charitable contribution that is more than $75 and is partly for goods or services, the organization must give you a written statement that you should keep.

Cash contributions include those paid by cash, check, credit card, or payroll deduction. For each cash contribution, you must keep one of the following: A canceled check or a financial account statement, a receipt from the organization showing the name of the organization, the amount, and date of the contribution, or reliable written records that are reasonable under the circumstances and that include the name of the organization, the amount, and the date of the contribution.

You can deduct a contribution of $250 or more only if you have a written acknowledgment of your contribution from the organization.

Taxes. Your Form W–2 shows the state income tax withheld from your wages. If you made estimated state income tax payments, you need to keep a copy of the form. You also need to keep copies of your state income tax returns.

Gambling. You must keep an accurate diary of your winnings and losses that includes: Date and type of gambling activity, name and address or location of the gambling establishment, names of other persons present with you at the gambling establishment, and the amount you won or lost.

A "Dolan Primer" to get you started on your tax filing.

Remember, it only hurts for a little while.