Getting Organized at Tax Time May Save Time and Money
February 1, 2008For 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 the 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 the guidelines for some of the most common documents:
Documents Suggested Storage Time
Birth & Death Certificates
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 is paid off
Insurance Policies
4 years from expiration date
Home & Property Inventory
Indefinitely (update)(Purchase dates, serial numbers, details of heirlooms, etc…)
Marriage Cert., Divorce, Custody, Adoption Papers
Indefinitely
Passport _
Indefinitely
Stock & Bond Certificates
4 years after sold
Owner’s Manuals, Warranties
As long as you own item
Wills
Indefinitely
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Mike Harmon