A home shredder may help with a bill here or there, but if you are cleaning out your old files after the three-seven year mark, you may want to stop by our fall Shred Day on October 19 at our Craig and Ferrell branch (3117 W. Craig Rd., N. Las Vegas) and leave your large job to the professionals.
What should be on your shred-day list?
Anything with sensitive information that includes account numbers, birth dates, social security numbers, passwords, PINs, email accounts, phone numbers, addresses and even signatures.
When should I shred it?
While seven years is a safe bet for tax records, the IRS has three years to audit a return for a potential error or six years to audit if they suspect you underreported your income by 25 percent of more.
Old pay stubs can be shredded after filing your taxes for the year.
Bank statements are best held for one year. Sign up for E-statements and to stay safe and paper free.
Credit card statements are good to go after confirming the payment has gone through. Again, sign up for E-statements and automatic billing to stay paper free.
Medical records are a bit of a grey area. You will want to keep them for the year in case of any discrepancies over reimbursement or the need to provide substantiation back to your employer if you participate in their flex spend program. You may also want to hold onto any pertinent information if you need to switch doctors. Hospital bills and prescriptions should be kept for five years. Check to see if your insurance company provides online account management.
Utility and cell phone bills can be shredded after they are paid, unless you need them for tax purposes, in which case you need to keep them with your taxes for at least three years.
One last consideration:
Shed your ATM receipts, address labels from junk mail and magazines, copies of voided checks, credit reports, employment information, expired ID cards … anything that contains personal information. You can never be too safe!