Quick Answer: What Paper Files Do I Need To Keep?

What documents to keep and what to shred?

What Documents to ShredATM receipts.Bank statements.Birth certificate copies.Canceled and voided checks.Credit card bills.Credit reports.Driver’s licenses (expired)Employment documents that have any identifying information.More items….

How long do you need to keep documents?

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

How long do you keep car insurance statements?

seven yearsFrom your actual policy, the declarations page is the most important to be able to find. Statements regarding your payment of insurance are likely only relevant for tax purposes. To be safe, you might want to hold onto them for seven years in the event of a tax audit from the IRS.

How many years of medical records should you keep?

seven yearsFederal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient.

How long do you need to keep papers after selling a house?

three yearsAfter you sell the house, keep the documents for three years. Finally, hold on to records showing how much money went into and came out of IRAs and 401(k)s — especially if you’ve made any nondeductible contributions — so you don’t overpay taxes when you withdraw the money.

What paper documents do I need to keep?

How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…

Do I need to keep old insurance policies?

Insurance policies: Keep your most recent policy. Tax records, including receipts: Keep for seven years after filing the tax return. Wills and Power of Attorney: Keep the most updated version.

Should I shred old utility bills?

Most experts suggest that you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. … After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

Is it safe to throw away junk mail?

Shred Before Throwing Junk Mail Away. Many consumers may not think twice about simply throwing junk mail away. But those credit card applications and other pieces of mail contain personal information, such as your address. … However, many advise against going straight to the trash with this mail.

How long should you keep bills and bank statements?

Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you’ve used your statements to support information you’ve included in your tax return.

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How many years should you keep bank statements?

Key Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How do you protect documents?

You can protect a document by using a password to help prevent unauthorized access.Click the File tab.Click Info.Click Protect Document, and then click Encrypt with Password.In the Encrypt Document box, type a password, and then click OK.In the Confirm Password box, type the password again, and then click OK.

Should you keep old car insurance documents?

You do not need to retain old bills. Current insurance policies for building and contents. Outdated policies should be discarded. … You should ,however, keep together the vehicle registration form, MOT certificate, car insurance policy and any loan documentation relating to the purchase of the vehicle.

What should you not shred?

Be sure to lock up any important documents that you don’t shred, including birth and death certificates, adoption papers, marriage and divorce papers, citizenship papers, Social Security cards, tax-related documents, deeds and titles, and financial statements.

How can I get rid of old bills without shredding?

How to Dispose of Documents Without a Shredder1 – Shred Them by Hand. … 2 – Burn Them. … 3 – Add Them to Your Compost. … 4 – Use Multi-Cut Scissors. … 5 – Soak Them in Water. … 6 – Wait for a Local Shred Day. … 7 – Use a Local Paper Shredding Service.

Where should I keep important documents?

Your best bet with storing important documents is a safe deposit box. Most banks or credit unions offer safe deposit boxes. Some banks will offer a discount if you’re a current customer as well.

How long should you keep bills before shredding?

Utility bills: How long should you keep bills before shredding? If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them.

How can you destroy a document at home without a shredder?

Pulping is a fairly labor-intensive, but highly effective way to get rid of old sensitive documents. For this method, you’ll need bleach and a tall, bleach-resistant trash can. Add a half gallon of bleach to the trash can. Bleach breaks down paper and destroys ink, so it’s great for rendering your documents unreadable.

Where can I shred old documents?

With shredding services available at The UPS Store locations nationwide, you can get rid of your personal and business documents using one of the leading document destruction vendors, Iron Mountain®. Shred your items to help protect yourself and your business from identity theft.