Got paper? When should you shred it?

Here’s a quick guide for you and your staff or family to keep handy.

Shred immediately:

These items have information you can find elsewhere — or they have identifying information that is easy for hackers to scam.

• Sales receipts
• ATM receipts
• Credit card statements
• Paid utility bills
• Credit offers
• Cancelled checks
• Expired warranties

Keep and shred after 1 year:

You might need this to refer back to within the calendar year.

• Pay stubs
• Bank statements
• Medical bills

Shred after 7 years:

If you haven’t needed these items for the past tax filings, it’s safe to shred after 7 years.

• Tax-related receipts
• Tax-related cancelled checks
• W-2s
• Records for tax deductions taken

Save forever:

These are extremely valuable identifying documents. Store them in a safe place.

• Birth certificates
• Social Security cards
• Citizenship papers
• Marriage licenses
• Adoption papers
• Death certificates

Talk to your CPA about:

You might need some of these for a specific amount of time. Best to ask the experts.

• Auto titles
• Home deeds
• Disputed medical bills
• Home improvement receipts
• Mortgage documents
• Tax returns with carry-over info

If you have any questions about what documents are important for your business or tax needs, contact Morgan & Associates today to double-check. We’d love to help!