Free Shred Day!
To shred or not to shred - a question we are often asked from our clients. Prior to the Shred Day event, hosted at Martin Starnes & Associates, CPAs, P.A., Thursday May 3, here are some guidelines regarding document retention:
What to Keep
Taxpayers should keep records supporting items of income, deduction, or credit as shown on a tax return until the period of limitations for that tax return runs out – usually three to seven years.
Examples of records to keep:
Items of income, deduction, or credit used in tax filings
Copies of your filed tax returns
W-2s, 1099s, etc.
Brokerage statements establishing cost basis
What to Shred
Not all documents are required to be kept – especially those documents not related to your tax return.
Examples of records to shred:
Credit card bills that have been paid
Credit card mailers with pre-approved cards
Utility bills that have been paid
Pay stubs after Form W-2 is issued and checked for any discrepancies
If you need additional assistance determining what records to keep, please contact our office as we are always happy to help. We look forward to seeing you at our Shred Day event Thursday May 3!