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Document Security

Sensitive document storage and disposal tips:

  • The IRS has three years from your tax-filing date to audit, and has six years to challenge a claim. A good rule of thumb is to keep all tax returns and supporting documentation for seven years.
  • Keep credit card statements for seven years if tax related expenses are documented.
  • Keep paycheck stubs for one year. Be sure to cross reference the paycheck stub to the W-2 form.
  • Be sure to keep bank statements and canceled checks for at least one year.
  • Bills should be kept for one year or until the canceled check has been returned. Receipts for large ticket items should be kept for insurance purposes.
  • Home improvement receipts should be kept for six years or permanently.
  • Items such as birth certificates, social security cards, insurance policies, titles or wills should be kept permanently in a safety deposit box.
  • If you are going to dispose of documents with sensitive information, be sure to SHRED!