If your home or office looks like Mount Everest, except with paper instead of snow, you might have an issue when it comes to getting rid of your papers and documents. That’s probably just because you don’t know how long you actually need to hang onto them for. In an effort to help you declutter your home or office, we’re here to let you know just how long you need to keep those important documents.
Keep and Store Permanently: Tax Returns and Medical/Financial Records
Your tax returns are an important part of your financial history, so you should keep a permanent electronic or hard copy of each of your returns and any payments you make to the government.
Also hold onto any legal filings, inheritances, marriage, birth, and death certificates connected to your family.
Keep for Three to Seven Years: Supporting Tax Documents
The IRS may be able to ask you to provide supporting documentation for three to seven years after filing a return, depending on your filing circumstances. You should save any document that verifies information on your tax return, such as W-2/1099 forms, bank/brokerage statements, tuition payments, and charitable donation receipts, for three to seven years.
Keep for One Year: Regular Statement, Pay Stubs
Store a digital or hard copy of your year’s monthly bank and credit card statements, as well as your pay stubs, to verify your W-2 accuracy once tax season arrives.
Keep for One Month: Utility Bills and Deposit/Withdrawal Records
Once you receive confirmation of your payment, you can dispose of your bills, and upon getting your monthly statement, you can also throw out your withdrawal and deposit slips. However, if you are self-employed, you may want to keep these documents for tax purposes.
Once you’re done clearing out important documents you no longer need, you shouldn’t just toss them in the trash — you should shred them. Complete Shredding Solutions offers safe and secure paper shredding services, so you can sleep soundly knowing your personal information is safe. For more information or to schedule paper shredding services on Long Island, in NYC, and New Jersey, call us at 516-442-1624.
