Getting Organized at Tax
For many people, the approach of April 15 means a mad scramble to gather receipts, bank records and other papers needed to prepare their tax returns.
Then, with the returns safely in the mail, they store their important papers in drawers, shoe boxes, and other spots – until the next tax season, when they scramble once again.
This year, why not break the habit of disorganization, and use tax time as an opportunity to permanently give order to your personal and financial affairs?
In the case of papers and belongings that are valuable or irreplaceable, the best storage is in an Underwriters Laboratories (UL) classified fire-resistant storage container.
What should you put in your fire-protective container and how long should it stay there?
Here are guidelines for some of the most common documents:
Documents Suggested Storage Time
Birth and Death Certificate Indefinitely
Contracts 7 years after contract expires
Deeds indefinitely
Tax Records at least 6 years
Bank & Credit Card Records 6 years
Health Records indefinitely
Mortgage, Loan Papers 3 years after loan paid off
Insurance Policies 4 years after loan paid off
Home & Property Inventory indefinitely
Marriage Cert., Divorce, Custody, Adoption papers.. indefinitely (update)
Passport indefinitely
Stock & Bond Certificates 4 year after sold
Owner’s Manual as long as you own time
Warranties | Wills indefinitely
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