January is a great time to start clearing out your clutter. Paper clutter is a big issue for many people now is the time to go through your files and clear them out.
Suze Orman has a list of “Financial Clutter, What to Keep and What to Get Rid Of” to help you decide what to do. Then look at the dates below to plan when and where you are going to take your cleared papers to be shredded for free.
Keep till warranty expires or can no longer return or exchange:
Sales Receipts (Unless needed for tax purposes and then keep for 3 years)
What to keep for 1 month:
ATM Printouts (When you balance your checkbook each month throw out the ATM receipts)
What to keep for 1 year:
Paycheck Stubs (You can get rid of once you have compared your W2 & annual social security statement)
Utility Bills (You can throw out after one year, unless you’re using these as a deduction like a home office—then you need to keep them for 3 years after you’ve filed that tax return)
Cancelled Checks (Unless needed for tax purposes and then you need to keep for 3 years)
Credit Card Receipts (Unless needed for tax purposes and then you need to keep for 3 years)
Bank Statements (Unless needed for tax purposes and then you need to keep for 3 years)
Quarterly Investment Statements (Hold on to until you get your annual statement)
What to keep for 3 years:
Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you filed a tax return. If you omit 25% of your gross income that goes up to 6 years and if you don’t file a tax return at all, there is no statute of limitations.)
Medical Bills and Cancelled Insurance Policies
Records of Selling a House (Documentation for Capital Gains Tax)
Records of Selling Stock (Documentation for Capital Gains Tax)
Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return (Keep 3 years from the date the return was filed or 2 years from the date the tax was paid—whichever is later)
Annual Investment Statement (Hold onto 3 years after you sell your investment)
What to keep for 7 years :
Records of Satisfied Loans
What to hold while active :
Contracts
Insurance Documents
Stock Certificates
Property Records
Stock Records
Records of Pensions and Retirement Plans
Property Tax Records Disputed Bills (Keep the bill until the dispute is resolved)
Home Improvement Records (Hold for at least 3 years after the due date for the tax return that includes the income or loss on the asset when it’s sold)
Keep Forever * These documents should be kept in a very safe place, like a safety deposit box. :
Marriage Licenses
Birth Certificates
Wills
Adoption Papers
Death Certificates
Records of Paid Mortgages
Here is a list of upcoming events in the Austin area to help you let go of unwanted and unneeded documents.
MARCH 02, 2019 10:00 AM10 AM – 12 PM or until the truck is full.
UFCU Shred Day
Criminals need very little information to steal identities and garbage cans offer an abundance of information from paperwork. Bring up to two file boxes of paper per household for free, confidential shredding. Commercial high-volume shredders, courtesy of Iron Mountain, will be on-site to shred your records. UFCU Asset Protection team members will also be available to answer your questions about identity theft or other fraud issues. Mark your calendars now!*
N Guadalupe Financial Center
4611 Guadalupe St
Austin, TX 78751-2908
APRIL 27, 2019 8 am- 1:30 pm
Austin ARMA’s 14th Annual Spring Shred Day
Location: Shred-It facility
4129 Commercial Center Drive
Austin, TX
The Entrance for the event will be off of St. Elmo Road.
With the awareness of identity theft, it is important to carefully dispose of personal records including financial and medical. Austin ARMA, along with Shred-It, are sponsoring the 14th Annual Free Spring Shred Day.
Only dry paper packed in cardboard boxes no larger than 24X24X36” with fitting lids or securely closed box flaps will be accepted. Do not bring plastics of any kind, electronic media, batteries, or three ring binders. All shredded material is recycled.
Please do not arrive before 8am or you will be turned away until the event begins.
Monetary donations will be accepted with proceeds going evenly to the chapter and the Central Texas Food Bank.
For more information, please call and leave a message with the chapter at (512) 37-3347 for a return call.
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