Spring Shred!
Spring is here! Following a long, dark and wet winter, the urge-to-purge can be a natural response. The questions of what to keep and what to toss can stifle the urge especially when it comes to our most important documents.
Our annual SHREDDING Event is a great opportunity to securely eliminate the backlog of paperwork. Attached is a handy reference for what to select.
Please note our event is also a RECYCLING event allowing you to declutter from the rest of the house including electronics and small appliances. I hope to see you there!
Should I keep or should I shred?
It’s tax time and you have piles of paperwork assembled, your filings are complete and now the question comes; what I should keep, what should I shred and what can I just throw in the recycle bin? Here are 3 things to keep, 3 things to shred and 3 things you should strongly consider shredding.
Keep
• Tax Returns. Some say for 7 years, but the conservative answer is that you may want to keep them longer – even forever. You may need to file an amended return. If you’ve claimed a loss, be sure to hold onto the supporting paperwork.
• Property Records. Retain all property records as long as you own the property. These include closing statements and receipts for home improvement. Retain even after a property sale until the period of limitations ends. You’ll need them to calculate depreciation and determine your gain or loss. Keep them safe in a secure spot.
• Home or Business Office Improvements. If you own your office, this applies to you as well as homeowners. Keep track and keep records regarding improvements. They may reduce your capital gains tax when you sell.
Shred
• Receipts. Unless a receipt is being kept because it’s deductible or because the item purchased is under a warranty, shred it. Reconcile your receipts with your bank and credit card statements and send them to be destroyed; don’t put them in a drawer. This is true for both individuals and businesses.
• Estimates and Notes. You don’t need to keep the notes you made at a meeting once you are done with the project and you don’t need to keep estimates after you have made a purchasing decision. Just remember these documents may have information about you or your business that could fall in the wrong hands – destroy!
• Personal letters and cards. Keep the ones that you want to reread time and time again, but you don’t need to keep every letter or memo you receive – or every birthday card. Most can probably go in the trash, but if, again, they have information you want to protect, shred them.
Consider
• Travel Itineraries. You’ve gone on that vacation or business trip so why not throw them in the trash? Itineraries could include more personal information than you want in a garbage can. Of course, keep the receipts needed for taxes if it’s a business trip, but shred the itinerary and any used tickets.
• Credit Card “Junk” Mail. Business or individual, open it! If it’s a pre-approved offer or has usable checks on your account, don’t just tear it in half and dump it. Get it to the “shred it” pile.
• Documents with Your Maiden Name or Your Mother’s Name. Any document with your maiden name or your mother’s maiden name should be shredded. This is a common security question used by financial institutions so keep it to yourself. Shred it.
