SHREDDING

While I’ve discussed this before, March seems like a good time to review the topic.  As we “do our taxes” we often are left with a mountain- at least a small hill- of papers, receipts, etc.  The Federal Trade Commission has a list of items to be shredded and to be retained.  Go to FTC.gov and search for “shredding”.  And if you don’t want to do that, here’s the list:

Shred immediately:  sales receipts, ATM receipts, paid credit card statements, paid utility bills, credit offers, cancelled checks that are not tax related, and expired warranties.  Comments:  I save receipts until I’m sure I don’t have to return anything- even grocery store receipts.  And I also save utility bills until the end of the year.  I recycle credit card offers- EXCEPT the page with my address. This I tear up immediately.  Note:  If you want to stop receiving credit card offers, visit https://www.optoutprescreen.com/?rf=t and complete the form.  You can opt out for 5 years or permanently.

Shred after a year: pay stubs, bank statements, and paid, undisputed medical bills.

Shred after 7 years:  tax-related receipts, tax related cancelled checks, W-2s and records for tax deductions taken

Shred car titles after you sell your car(s); shred home deeds after you sell your house(s); shred improvement receipts after your sell the home and pay capital gains taxes.

Keep forever in a safe place (one that is made known to a trusted person): birth certificates, social security cards, marriage or divorce decrees, citizenship papers, adoption papers, death certificates, tax returns.  I also include wills, instructions after death, power of attorney, and other important documents. 

Hope everyone in the US has an easy time with their tax prep.  May you have a lovely refund!!