Having paper pile up in your home can be very bothersome. However, it is important to make sure to keep all important paperwork. Knowing how long to keep important documents can help ensure that your home is not stacked full of papers. Keep these tips in mind to ensure that you always have just the right paperwork in your home.
- Tax documents – all tax documents such as tax returns, W-s forms, receipts, and real estate closing documents for seven years. The IRS has up to six years to audit your taxes if they think that you have under reported your income.
- Investment records – keep all investment records for as long as you own the securities, and then an additional seven years so that you can prove your capital gains and losses.
- Bank statements – throw away your bank statements every month. You only need to keep them long enough to double check the accuracy of your account. Your bank statement will also be available online if you accidentally throw it away.
- Retirement plan statements – keep your retirement plan statements of one year just for tax purposes. If you have a Roth IRA, keep all the statements until you retire to show that you have already paid the taxes on your contributions.
- Credit card statements – after you check the accuracy of your transactions, shred the statements immediately. Your credit card statements are one of the easiest places for thieves to steal your identity. All of your statements will be available online if you every need to refer to them.
Having the right insurance policies is the best way to ensure that all of your personal information is safe in case of any unfortunate situation dealing with your personal information. Contact the insurance experts at Phocus Companies in Phoenix, Arizona for all of your insurance needs.
