Record,Retention,What,you,need business, insurance Record Retention: What do you need to keep?
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Paper Shredders are around for the purpose of keeping your information safe. In this age of heightened identity theft, personal records are best kept to a minimum. So what is necessary to keep and for how long? While there are no rules set in stone, here is a basic guideline. There are several documents that you'll want to keep indefinitely. The safest place to keep items like these is in a fire-proof safe or a safety deposit box. For starters, you'll need your passport. Both birth and death certificates should be safely stowed away as well as any adoption papers or custody agreements you have. A marriage certificate and any divorce papers are also a must. If you own any property, you'll want to keep the deed; this includes vehicles as well as a house or land. For employment purposes, have an updated list of previous employers. You'll also want any record of government employment, such as military service. Income tax returns are important to keep; supporting documents can be shredded after six or more years. Other tax documents to keep indefinitely include forms and supporting records to non-deductible IRA contributions or relating to the sale of a home. Evidence of loans paid off, such as a canceled note, is necessary. And finally, you'll want to retain a photographic or video record of your house and household contents. Many documents are vital to keep for a while but are no longer necessary once you don't have certain items. You need your brokers' confirmation slips for purchases until that security is sold. Receipts for home improvements that can be added to the tax basis of your home are necessary up to six years after your home if it isn't rollover transaction. Any owner's manuals for major appliances, such as a dishwasher, refrigerator, or stove, can be tossed with the appliance. Receipts documenting the purchase of items under warranty are important only while you have the item. The warranty or extended service agreement itself can be discarded when expired. Other things are necessary to keep for a more specific length of time. Any contracts need to be safely stored for seven years after they expire. Bank statements, credit card statements, and canceled checks should all be kept for six years; the same goes for any records supporting income tax deductions. That includes W2s, 1099s, receipts, and any other documentation you may have. Once your insurance expires, you'll want to keep the paperwork for four years. This includes all types of insurance. And finally, you'll want to hang on to your mortgage records for three years after it's paid off. Luckily, there are a few things you can shred immediately. As soon as you get rid of a vehicle or major appliance under warranty, you can toss the owner's manual and warranty information. And any receipts for credit card purchases can also be shred if they aren't needed for warranty information or tax returns. While this isn't a completely comprehensive list, it is a good place to get started when going through paperwork and files. Having a decent shredder is important for when you do need to destroy secure paperwork such as these. If you'd like to purchase a Paper Shredder, you should really visit MyBinding.com. They have this product available at a great price and they also have all the Shredder Bags and Oil you'll need. Plus, you'll get free shipping on all orders over $75.00. Check it out for yourself now!
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