How,Know,When,Time,Purge,Your, family How to Know When It Is Time to Purge Your Home Filing System
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Can yourhome filing system no longer fit in your file drawers? Diligently filing your important paperwork inorder to keep your home clean and organized may have left you in need of more filingspace! Is the solution really to add afile cabinet? It may be time to purgeyour home filing systems instead. Sendingpaperwork that used to be necessary to keep through the shredder may be what weneed! But how do you know what you stillneed to keep and what to shred? Thefollowing is a simple guide about what you can get rid of and what you shouldsave. Recycle Immediately: Some kinds of paperwork can be recycled immediately, dontinclude them in your home filing systems. Receipts that you dont need for warranties, taxes, or insurancespurposes dont have to be saved. Amongthese ATM and grocery receipts. Besmart, if you dont need that ATM receipt dont even print it out! 30 to 45 Days: It is a good idea to keep your utility bills until you receivethe next months bill. Shred theprevious months bill once you confirm that the bill was recorded and paidcorrectly. Do the same for your bankstatement, unless of course you need your bank statements for tax purposes. Identity thieves use credit card statements asa key source. Because of this reason anystatements, which again you dont need for tax reasons, need to be securelyshredded once you have seen the accuracy of the statement and applied payment. One Year: Your paystubs should be kept until you receive your W-2. Verify that your W-2 is the same as theinformation you have on your pay stubs and then shred your paystubs. If you do find differences you can request aW-2c, or a corrected W-2. Seven Years: All tax returns and other tax documents, such as W-2s, receipts,and other statements for seven years should be saved for seven years. Wondering why? The IRS can conduct an audit within three yearsif it suspects good faith errors. Withinsix years if they believe you have grossly under reported your income. That is to say you have under reported yourincome by at least 25 percent. The IRS,however, does not have an audit time limit if you either did not file a returnor if they suspect you filed a fraudulent return. For Your Safe Deposit or FireBox: Select documents must be kept permanently and safefrom potential danger. They may be hardto reproduce or just crucial to have. Documents that deal with identification for example: birth/deathcertificates, wills, a copy of your drivers license, your social securitycard, and passports. A list of bank and credit card account numbers is a goodidea. Prescriptions to life savingdrugs, like insulin and inhalers, can be stored safely. Keeping the paper: Sowhat do you ACUTALLY need to keep in paper form? Many of these documents can be found on theinternet from bank documents to credit card statements. For tax returns or other documents that youmay have saved on your computer create back up files. An secondary location for at least one ofyour backups is a good idea when storing important documents electronically. Try keeping a copy at your home and one inyour office. It is rare these days thatthe IRS would demand an original copy, but you do need to make sure you canproduce a paper copy if needed. When youfind your home filing systems full to bursting with papers take a second look atwhat you are storing. It could havebeen both appropriate and necessary to store all the papers you filed at one time,but you may no longer need to keep them. Up to date home filing systems means shredding documents you have previouslyfiled in addition to adding in new and relevant documents. Start weeding out your old paperwork today!
How,Know,When,Time,Purge,Your,