How Long Should You Keep Bank Statements in Tampa?
So you’ve finally decided to tackle that giant stack of old paperwork that’s been sitting around for weeks, months, maybe years. Congrats! As you take the time to sort through your old documents, you’re likely to come across various important papers that you may or may not want to keep.
For instance, getting rid of old, faded receipts is probably a no-brainer, but what about more official papers, like bank statements? The general rule for monthly bank statements is to keep them for at least one year. However, there are some exceptions to this timeframe.
Annual Statements – 7 Years
One type of bank statement you shouldn’t be so quick to shred is your annual statement. Because these reports contain details like beginning and ending balance, combined withdrawals, deposits, and charges, it’s best to hang on to them for seven years in case you end up needing these details for tax purposes.
Charitable Donations – 3 Years
Another reason to consider keeping your bank statements (either monthly or annual) is if you made any charitable donations in any given year. If this is the case, it’s best to keep those bank records as proof for at least three years.
Debt Records – 7 Years
If you’ve dealt with significant debt or had to declare bankruptcy, keep all your financial records for the seven years leading up to that time. Again, if the IRS or any other governmental organization contacts you requesting information, you need to be prepared to provide it.
Unreported Income – 6 Years
Certain jobs provide earnings that you may not have reported on your tax returns. If that unreported income amounts to at least 25% of your total profits, the IRS may come knocking on your door up to six years later. Rather than getting into it with the government, have the correct information readily available.
Unfiled Returns – Indefinitely
If you have tax years where you didn’t file a return for one reason or another, you should keep all your bank statements for that year. Like unreported income, it’s better to have solid evidence of your earnings instead of allowing the government to make their own assessment and overshoot what you had.
ShredQuick Can Shred It
Based on all the details above, you likely still have not only old bank statements but other unneeded paperwork you’re hoping to dispose of safely—that’s where ShredQuick can help. We offer reliable, on-site shredding of all your discarded documents so that you don’t have to worry about personal information getting into the wrong hands. Give us a call for more details!
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