What Documents Do You Need To Keep?

What documents to keep and what to shred?

What Documents to ShredATM receipts.Bank statements.Birth certificate copies.Canceled and voided checks.Credit card bills.Credit reports.Driver’s licenses (expired)Employment documents that have any identifying information.More items….

What should you not shred?

Be sure to lock up any important documents that you don’t shred, including birth and death certificates, adoption papers, marriage and divorce papers, citizenship papers, Social Security cards, tax-related documents, deeds and titles, and financial statements.

Is it safe to throw away bank statements?

Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

How long must you keep financial records?

6 yearsHow long to keep records. You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company’s accounting periods.

How long should you keep bills and bank statements?

Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you’ve used your statements to support information you’ve included in your tax return.

What papers do you really need to keep?

What Are Important Documents?Legal identification documents. Social Security cards. Birth certificates. … Tax documents. Tax returns. W-2s and 1099 forms. … Property records. Vehicle registration and titles. … Medical records. Wills, powers of attorney or living will. … Finance records. Pay stubs.

How many years of medical records should you keep?

seven yearsFederal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient.

How many years of bills should you keep?

Chart: What records to keep, how long to keep themDocumentHow long to keep itCredit card statementsOne monthPay stubsOne yearBank statementsKeep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.Utility and phone billsOne month5 more rows•Mar 15, 2010

How long should you keep documents?

Generally speaking, hang onto bills and bank statements for at least two years, and insurance documents as long as they are valid. When it comes to tax-related paperwork like pay slips, P45s and so on, HMRC suggests keeping them for at least 22 months from the end of the tax year they relate to.

How long do you need to keep bank statements?

How long should you keep bank statements?Bank statements are important to verify debit and credit activity.They should be kept in hard copy or electronic form for one year.Your bank will allow you to access your statements for at least one year online (most banks keep them for five years or more!)

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

Do I need to keep old medical bills?

Here’s what we recommend. Keep medical bills until you have paid the bill in full. Hang on to them for an additional year, especially if you plan on deducting the expenses on your income tax return. After that period, you can shred them.

How long should you keep car insurance documents?

If you are wondering how long to keep car insurance records, the answer is usually one year or less, or for as long as they are valid. If you still have the documents, for example, for a car you no longer own, these can be safely discarded. The same holds true for any policy that is no longer active.

How long should you keep bills before shredding?

Utility bills: How long should you keep bills before shredding? If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them.