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On Your Side: What to shred after you file taxes

Published: Jul. 15, 2020 at 6:41 PM CDT
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SPRINGFIELD, Mo. (KY3) -It might not feel like it, but it’s true. Taxes are due. You might recall it was extended because of the pandemic.

Now’s a good time to divide and conquer. Post tax season is when you want to do some file cabinet maintenance.

Here’s the thing, it’s not really a one size fits all. Treva Warrick, a tax expert with SeniorAge, says it depends on you and your family’s situation.

“What people are going to say is three years from the filing deadline. However there’s a lot of information that should be kept indefinitely,” said Warrick.

The IRS website has a list of what to shred and when.

Keep employment tax records for four years. Keep records for six years if you fail to report income that you should.

While we are on this topic:

Keep credit card statements for 60 days unless they include tax-related expenses. In these cases, keep them for three years.

For big ticket items, keep until the warranty expires or you can no longer return or exchange.

Keep medical statements for up to three years.

Keep records of paid loans for seven years.

Keep important docs in a safe locked place. Tax experts say avoid the basement or attic. A basement can flood. A warm attic can damage the paper.

Copyright 2020 KY3. All rights reserved.

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