Clean out your home office right after taxes are done! Gather old bills, financial statements, receipts, medical documents, and other out-dated documents containing personal information and shred them with us at our After-Tax Shred Event.
A mobile shredding unit provided by Shred-It will be on-site at MCU to safely shred documents while you watch. Please limit the number of boxes of shred to five. Staples, rubber bands, and paper clips do not need to be removed before shredding.
Not sure what materials to shred? Here are just a few suggestions of what you may want to shred, if unneeded:
- Credit Union and Bank Statements
- Canceled Checks
- Medical Records
- Claims and Litigation Records
- Pay Stubs
- Credit Card Receipts
- Insurance Records
- Tax Returns
Guidelines about what documents to keep and for how long:
- Credit card receipts and statements: Keep receipts until your monthly statement arrives; if that's correct, shred the receipts. Exceptions: Keep a receipt if you're disputing a bill or to cover a warranty or return period. Keep the statements for seven years if they contain tax-related expenses.
- Pay stubs: Make sure the information on your paycheck stubs matches your annual W-2 when you receive it, then shred the stubs. If your employer lists sick leave/vacation carryover on your paycheck stub, keep the last one of the year. Notify your employer if the information doesn't match.
- Credit union records: At the end of each year, go through your check carbons or statements and only keep those related to taxes, business expenses, and housing or mortgage payments.
- Tax records: The IRS has three years to audit your return, and you have three years to file an amended return to claim a refund if you made a mistake. If you made a mistake of underreporting your gross income by 25% or more on a return, the IRS has six years to challenge it. If you filed a fraudulent return or didn't file one at all, the IRS can catch you on it at any time. Keep a copy of all 1040 tax forms permanently.
- Miscellaneous: Keep these permanently: Updated household inventory, birth and death certificates, marriage license, divorce papers, military records, insurance claims, accident reports and claims, proof of ownership and major debt repayment, IRA contribution records, and legal correspondence.