ShredQuick Blog

Which Financial Documents Should You Shred and Which Should You Keep?

The old “death and taxes” adage is simple but accurate. In reality, we spend many hours gathering financial information. Then, it’s compiled into some semblance of organization for filing. Actually, we repeat the scenario year after year. Florida and the rest of the country have something in common.

It’s that taxpayers often receive
their tax records in paper form. After this, it gets filed away. Accordingly, tax
records are to be retained for three to seven years. At that time, they are
cleared to be destroyed.

Yet, the static storage time leaves
sensitive information vulnerable to loss, damage, or identity theft. Keeping
records safe is critical. Consequently, one of the best ways to ensure ultimate
safety is document shredding. However, don’t just enlist the help of a document
shredding service.

Instead, a smart strategy is to be
aware of which documents to keep for future use and which to shred. At the same
time, establish an efficient organizational system. This includes cloud
storage, digital, and hard copy.

Forever Documents

Of course, some documents should be
stored in perpetuity. These are documents you might need at various times.
Thus, they should be kept in a secure location:

  • Academic Records
  • Birth Certificates
  • Baptism Certificates
  • Passports
  • Military and Medical Records
  • Employment Records
  • Retirement Records and Social Security Cards
  • Marriage Certificates

Shred-Worthy
Documents

Many of your Florida personal or
business documents are used once. Perhaps, they include private information. As
such, when you no longer need them, they can be shredded:

  • Bank Statements
  • Canceled or Voided Checks
  • Credit Card Bills or Applications
  • Copies of Birth or Marriage Certificates
  • ATM Receipts
  • Investment Records
  • Medical Records
  • Property Records, Tax Forms
  • Any Receipts with Account Numbers

Temporarily Stored
Documents

Still, other documents should be
stored for a specific time period. Yet, not forever. You might need to
reference them. Maybe, it’s once a month, weekly, or yearly. After which, they
can be shredded:

  • Bank Statements (one month)
  • Bills (store until paid and then shred)
  • Credit Card Bills (shred when paid)
  • Investment Records (shred seven years after an account is closed)
  • Paychecks and Stubs (shred after one year or until the arrival of that year’s W-2)
  • Tax Documents (shred after seven years)

Now, you have amassed a pile of shred-ready
documents. Therefore, it’s time to partner with a reliable and professional
shredding service. In doing so, you’ll ensure efficient and verified
destruction. Then, the company will send the remains for recycling into new
paper products. Thus, it completes the circle.

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