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April 1, 2018

How Long Should You Keep Your Records

paper shreddingTax season is in full swing now and most of us are starting to get all our documents ready for filing.

When all of the sudden you start realizing that you have all these records of things from like 10 -20 years ago.

Old credit card statements, tax returns, rental agreement, and even a copy of that speeding ticket you got all because you made a quick pit stop on your way to work.

Your mind starts to snowball with all these questions… maybe I should get rid of these? It’s been years?

How do I get rid of these documents securely? What if I shred it and then discover that I need them?

These are all questions I get asked on the phone from my customers when they call to schedule a shred appointment or just getting information.

So, in hopes that you will soon see the bottom of the kitchen counter that is currently covered with paper, here are some simple tips to get you started.

  • Sales receipts, ATM receipts, paid credit card statements, paid bills, and credit card offers can be shred IMMEDIATELY.
  • Bank Statements, Pay Stubs, Paid Medical Bills, and Paid Loan Statements can be shred after about A YEAR.
  • W-2, Tax related bills, and Tax deduction records can be shred about SEVEN YEAR or later.

Keep these guys FOREVER, perhaps even in a safety deposit box: Marriage Certificates, Birth Certificates, Social Security Cards, Divorce Decree, Military Discharge papers, Life Insurance, and Estate planning.

Additional information can be found Federal Trade Commission website, IRS website, and Consumer Reports website.

Tune in next month I will be talking to you about Recycling!

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