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!!
