Fast track your home purchase with zero down payment
June 23, 2017
Help Us Give Back With a Holiday Toy Drive
December 8, 2017
You may be hoarding old documents
March 9, 2017
Tax season is a great time to review old financial documents, paperwork, and receipts to decide their fate. There are countless types of documents containing your personal data. Storing them can be cumbersome and knowing when to let them go: even more confusing.
Here is a quick guide to help you identify your old documents and determine when to let them go.
Paycheck stubs: keep these until you have successfully filed your taxes.
Credit Card receipts: unless needed for tax purposes, dispose of these each month after reconciling them with your monthly statement.
Bank / Credit Card statements: Typically these will only need to be kept for one year. However, you may want to keep a particular statement for upwards of 7 years if it contains transaction data that may be necessary for tax purposes.
Monthly investment statements: Generally should not be kept for longer than 30 days.
Annual investment statements: Hold these for 7 years past the date of selling any investments.
Health benefit documents: hold these for 1 year.
Utility records: Hold these for 3 years.
Tax documents and supporting records: keep these for 7 years after the tax filing date.