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Got paper? When should you shred it?

Bill Morgan

June 5, 2019

Do you have a backlog of paper in your home or business office? Between the daily mail, important paperwork and printed work product, it can be hard to decipher what to keep and what to shred.

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!

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