While more information is saved digitally and online as time goes by, we still manage to accumulate lots of paper in our lives. The bigger the piles get, the less we want to go through them.
Forbes Magazine breaks down how long to keep important papers and when to shred.
Tax Information. It’s best to keep any documentation related to the filing of your income tax returns for at least 7 years.
Home Improvement Receipts. Keep receipts for as long as you own the house.
Bank and Credit Card Statements. Keep for a year unless they contain tax information, in which case, keep with your tax records for 7 years.
Medical Bills. Keep for a year or until you have resolved any payment disputes with health insurance company. If you deduct medical expenses on your tax return, however, keep with your tax records for 7 years.
General Receipts. Get rid of receipts after you have reconciled accounts unless they pertain to products under warranty, tax returns, or insurance claims.
Products Under Warranty. Keep warranty paperwork and receipts until the end of the warranty period.
Utility Bills and other Household Bills. You can get rid of household bills after you see your payment has been credited to your account for prior bills.
What to keep indefinitely? Consider keeping the following documents indefinitely:
- Birth certificates
- Social Security cards
- Marriage certificates
- Adoption papers
- Death certificates
- Wills and living wills
- Powers of attorney
- Legal filings
- Military records
- Retirement and pension plans
- Inheritance documents
- Beneficiary forms
- Warranty documents
- Active health insurance records
Don’t risk identity theft by tossing paperwork in your trash. Make sure documents with your personal information are shredded!
Shredding will take place at our office from 11 a.m. to 2 p.m. on Saturday, April 29, 2023. Limit of 3 boxes/bags of shredding per person.
300 E. 2nd Street, Salem, near John M. Oakey & Son Funeral Home.