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It’s easy to fall into the habit of keeping all of the paperwork that comes your way- credit card bills, tax documents, receipts from the corner store. But storing all of that paperwork can take up some serious space and is not always necessary. On the other hand, certain types of documents must be held on to forever and stored carefully if you want to avoid a major headache. We’ve compiled some tips on what to store, how long to store it, and how to store it forever.

Toss It or File It?

Federal Tax Returns:

According to TurboTax, “The IRS recommends taxpayers keep their returns and any supporting documentation for three years after the date of filing; after that, the statute of limitations for an IRS audit expires.

If you’ve under-reported income by 25 percent, however, the IRS can go six years back, or seven if you claim a loss for bad debt or worthless securities.”

State Tax Returns:

Each state has its own recommendations for how long to keep state tax return documentation. The statute of limitations in New Jersey is four years for most cases, so you’ll want to keep your returns and all related receipts for at least that long.

Sales Receipts:

Suze Orman recommends disposing of sales receipts once the return period has expired. If an item is under warranty you’ll want to hang on to the receipt. Any receipts needed for tax purposes should be kept for 3 years.

ATM Receipts:

There is no need to keep ATM receipts once your checkbook is balanced.

Paycheck Stubs:

You can get rid of stubs after you check them against your W-2 and yearly social security statement.

Bank Statements:

Store statements for one year, unless needed for tax purpose.

Investment Statements:

You can pitch quarterly statements once you receive your annual statement. Hold on to that annual statement for 3 years.

Vital Records:

You’ll want to keep marriage licenses, birth certificates, adoption papers, wills, powers of attorney, and death certificates forever.

Records of Paid Mortgages, Vehicle Titles, House Deeds, and Insurance Policies:

Store these documents forever.

Storage Tips

Now that you know which documents should be kept and for how long, let’s take a look at tips for proper document storage for those documents you’re saving for more than a few years.

• Place a sheet of acid-free paper in between each separate item.

• Use acid free folders to hold documents.
• Unfold documents and remove paperclips and staples.
• Store papers flat.
• Keep these items in a cool, dry, and safe place.

To Shred or Not to Shred?

That IS the question. Due to the threat of identity theft, it’s better to be safe than sorry when it comes to document disposal. According to LifeHacker, “You should shred anything that has personal information like your name, address, phone number, social security number, or bank account information.

This might include a few documents you don’t initially think about, including ATM receipts, credit card receipts, bills, and even used airline tickets. You should also immediately shred expired credit cards, visas, passports, and IDs.”

Check with your bank to see if it provides community shredding days or purchase a good crosscut shredder for your home.

Sources: http://apps.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=20&SnavID=20&TnavID=&AreasofExpertiseID=17

https://www.familyarchives.com/pages/documents-how-to-preserve-your-documents.html

http://lifehacker.com/5977082/what-documents-should-i-shred-and-what-should-i-keep

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