Looking to go through your closets and storage in your home or elsewhere and get rid of things you no longer need?
Far too many people hold on to paperwork that doesn’t need to be kept forever. They are only certain documents that need to be kept beyond a seven-year period. In our previous blog we looked at those that could be disposed of after one year or even within a three-month period.
Today’s documents outline materials that should be kept for at least seven years and may not even need to be kept that long if you don’t have a current issue pending as result of a problem. These seven-year keep them and then toss them documents include:
- Tax related receipts in case the IRS wants proof of your deductions.
- 1099 forms and W2s in the event of a tax audit.
- Disability records and unemployment income stubs.
- Bank statements in electronic or printed form.
- Cancelled checks for mortgage, business, tax or home improvement purposes.
These can be shredded after a seven-year period when you no longer need to hold on to these materials and when it no longer serves you to keep them. It’s very unlikely that issues will arise after this point and if you are bent on cutting out clutter in your life, this is a great way to do it.
Your team of professionals in your life, including your estate planning lawyer, can help you figure out what you need to keep vs. what you can let go.
