Ensuring that they're kept in a safe place and that a copy is secure will save you a lot of time when they're needed. Imagine having a lifetime's worth of bank statements and bills piled up on your desk. After even just a decade, that stack would likely be outrageously big. There are many types of documents—mostly financial—that you should keep for a certain period of time, but don't need to store forever.
You may need to reference them monthly or weekly for a while, then they just become another piece of paper lying around creating clutter. The tricky part is knowing when you can get rid of these types of records. There's no good answer for everything, but recommended guidelines based on what it is:.
Shredding documents is the main way to protect yourself from identity theft. As a general rule, there are certain documents that absolutely should be shred. This includes anything that has account numbers, birth dates, maiden names, passwords and PINs, signatures, and Social Security numbers. If documents are still "active"—you need to hold onto them for reference—place them in your home filing system by topic. Only shred them once they are no longer in use.
When you're done with these documents and no longer need them, feel free to shred them:. Everything else—such as paperwork—you can just recycle. Make sure to have a flexible filing system set up so you can keep these documents in check. It's also a good idea to get in the habit of going through your stored documents on a regular basis. Try to do this when paying bills, filing your taxes, or taking care of a similar recurring task so you don't forget and your paperwork gets out of hand.
Actively scan device characteristics for identification. I keep my hopes high and prayers strong for some form of relief and resolution. I hate to get rid of anything I have already had the IRS telling me I did not pay enough taxes in a certain year. I was able to take the documentation and go to a CPA and he filled out the proper worksheet instead of owing them they owed me.
Did I see it NO but I got a int on the penalty they charged me. A better rule is to shred your individual tax returns after 3 years. Shredding your own documents is the best assurance I think this is a terrible article. Shredding them immediately may just get you into trouble later. Surely you should have at least put some caveat to that in the suggestion. To me this article should have a big red flag on it I'm shocked that an attorney would put something like this out there without a more serious disclaimer.
If you have and other tax records — like tax-related receipts and cancelled checks , you should wait seven years before shredding them. Thanks for the tips! I have so many papers in my home that it's taking up a lot of drawer space. Having this list will help me know what I should keep and what can be shredded. There are so many tax records in my desk that I don't know what to do with them. Waiting at least seven years before shredding tax-related receipts and cancelled checks is a great tip to know.
I have so many receipts that I've kept for the past ten years in case I ever needed them. Shredding them will help empty out a lot of drawer space. While I'm at it, I'll also shred the pay stubs I've already used for my W I really appreciated the insight about when you should shred your tax records and what different records you should actually shred.
As you say, things like pay stubs should be shredded, which is something that I didn't know. These, however, definitely provide sensitive information, so shredding them right from the get-go will help protect your information from not getting into the wrong hands. Thank you for sharing! Be careful, be prudent.
While I've had a terrible propensity to keep everything that's "official" somehow like mortgage statements I need to keep reminding myself that most of those items bank statement, utility bills, insurance papers, credit cards, etc.
The best way not to accumulate the paper in the first place is to opt for the completely paperless option if one is offered. Now that I mention it, I think I'll go take care of the few accounts that i haven't shifted to fully paperless yet I would keep all receipts related to tax deductions, all receipts related to home ownership for at least 7 years, and all bank statements for 7 years.
I would keep credit card statements for 7 years too in case of tax audit. Paper usage is still growing every year even with the advancements with paperless technology. So what needs to be shredded? The simple answer is destroy everything, here is why. Half of every document has some piece of information that is required by law to be shredded.
So how do you decide? The time it will take to review each document would be great not to mention the possibility of making a mistake. Many people are surprised to learn that someone can legally dig through their trash once it has been put out for pick up. The U. Supreme Court decision in California vs. Greenwood, found that there is no expectation of privacy in trash that is left for collection in an area accessible to the public. Does it contain sensitive data such as account numbers, balances, or credit card numbers?
If the answers to any of these questions are yes, then consider shredding it. Learn how to deposit a check through our mobile app. Some items you will want to keep for a few months to look back on. These documents can be shredded after some time and generally are items you receive on a monthly basis. Many bills and detailed statements are now available online. Switch to electronic statements for a safe and secure record.
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