Financial Documents: What to Shred and What to Keep
It is the prime responsibility of the citizens to pay tax on time. Therefore, despite a hectic job, you file your taxes. After filing for the tax, you may get bulk of documents. The documents are sensitive and can cause serious problems if mishandled. You need to pay keen attention to the documents and keep them safe. The better way is to shred the documents for saving it from any misuse.
The Internal Revenue Service handles all the records about the incomes, credit, deductions, tax return and other financial statuses of the citizen. According to the Financial Industry Regulatory Authority, the tax documents should be kept for seven years. Therefore, you need to know for how many years you need to keep the reference documents after filing for tax.
Living in Tulsa you can avail the service for destroying the papers for its safety easily. But before hiring document shredding in Tulsa know what you need in future and which are eligible for shredding.
To Be Kept for Reference
- Evidence supporting your income, credit status and tax return including the bank statements, canceled checks and any payment proof.
- Deduction claims like retirement plan contributions, charitable contributions, mortgage payments.
- Property related tax papers.
- Automobile taxes and home deeds.
- Pension planning papers.
Documents You Should Keep after Tax Filing
- The documents beyond the retention period.
- Digitally saved papers.
- The papers past the purpose like the ATM receipt, utility bills, credit card statements of months back etc.
- Paid loan documents.
How to Keep Your Documents Safe?
There are two ways to keep your documents safe. One is to keep those in a secured place and the other is shredding. The first one is not a recommended one as it involves several risks. Until the document is not shredded there is the chance for it to be mishandled. And, it can cause severe problems for you. Therefore, it is better to hire a professional paper shredding service in Tulsa to perform the shredding without any hassle.
Generally, the reputed paper shredders follow cross-cut method for shredding the papers in smallest pieces so that none can misuse it. You can choose from on-site and off-site shredding to let it be done at your place or outside. You can avail the service of Midcon Shredding who provides full security while processing the entire thing and also gives you a receipt for complete shredding.