Shredify

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Welcome back to part 2 of 3 "Don't Accumulate. Shred!"

As was said last week, there is that fine line between hoarding and the necessary storing of important documents. Here are some more tips on what to keep and what to shred.

TAX RECORDS

Generally, you must keep your records that support an item of income, deduction, or credit shown on your tax records until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim credit or refund, or the IRS can assess additional tax. The general rule for tax records is to retain them for 7 years. When you file the new return reach back there and pull the expired one to shred. Federal law requires you to maintain copies of your tax returns and supporting documents for 3 years. This is called the "three year law" and leads many people to believe they're safe provided they retain their documents for this period of time. The IRS has 3 years to audit you from the date you file your taxes and it is up to you to have all the backup information that went into the preparation of your returns.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believed there may be an indication of fraud, it may go back 6 years in an audit. If you don't file a tax return at all, there is no statute of limitations.
Occasionally check your My Social Security account at ssa.gov before shredding, so you have backup to fix your earnings record of Social Security has it wrong

MEDICAL INSURANCE AND INFORMATION

Err on the side of caution here. Retain all test results ( such as blood workups and X-rays indefinitely.) Normal or not, the information may be useful in your own clinical care or research. Particularly important are surgical reports, hospital summaries and treatment plans for major illnesses. Put these in a secure cloud-based account or password protected folder on your computer, this way you can easily share them with future health care providers. Keep immunization and vaccination records permanently, too - you may need them for certain jobs or for traveling abroad. This includes your premium statements, doctor bills, prescriptions, hospital bills, etc. Keep these for 5 years from date of service.
You may also need them to claim anything costs such as write-offs. Save unpaid bills until they are paid in full, then save the final proof of payment 1 year.

HOME INSURANCE

Generally a home warranty is good for 1 year. The minimum time suggested is 5 years, though it may be prudent to wait 10 years before discarding it.

PAY STUBS

Many people save these but it is not a good idea...just one page contains everything an identity theft needs to compromise yourself and your finances. Because each paycheck contains the history of all past stubs, it is not necessary to keep any stub except for the most recent. The exception is if you are planning to apply for a mortgage, which usually requires 3 months worth of pay stubs. You can get rid of them once you have compared the totals to your W-2 & annual social security statement. However, if you were affected by a wage garnishment, you need to keep those stubs for at least 6 years.

INVESTMENT DOCUMENTS

If you have an IRA, 401K, or any other investments then you are likely inundated with prospectus, privacy notices, address confirmations, and so on. Do not keep any of these documents unless you plan to act on them. Public companies also ask you to vote for the board of directors and special measures once a year. Unless you own a significant amount of stock or have a strong opinion, you may wish to save the postage and just shred the vote card. You should retain 3 months if balance statements and, following a new investment, retain purchase records until you liquidate and file taxes. Quarterly investment statements should be held until you get your annual statement. Annual investment statements should be held for 3 years after you sell your investment.

HOME REPAIRS

These should be kept for 10 years in case you need to prove something with regard to guarantees of workmanship if a new buyer should want confirmation. If you are renovating, make sure you get the satisfaction of lien from your contractor(s). Keep these documents as long as you own the property (they may prove useful during resale). Proof of spending can sometimes be used to lower you taxes.

Part 3 will be coming soon.

Thank you!

The United States Social Security Administration Official website of the U.S. Social Security Administration.

Welcome to "Don't Accumulate. Shred!"

If you are unfamiliar with Shredify, here is a little bit about what we do.

We offer shredding services to individuals and business alike. If you want to keep your records tidy and not let them accumulate, bring them to us for secure disposal. Our price schedule is as follows:

1 - 49 lbs. = $.50 per pound
50 - 99 lbs. = $.45 per pound
100 - 149 lbs. = $.40 per pound
150 - 199 lbs. = $.35 per pound
200 - 249 lbs. = $.30 per pound
250 + lbs. = $.25 per pound

**Other shredding services charge upwards of $1.00 per pound!**

We also offer large and small, locked containers for businesses with a monthly contract. Our large bin containers can hold 140 lbs. and the smaller console containers will hold 70 lbs.

With a contract, we pick up your documents monthly, they are locked in bins and brought back to our facility and placed in our shred room for secure shredding. Our shred room is video secure and has limited access with two commercial shredders and dedicated personnel.

If you are interested in a monthly contract, give us a call today and get all the details!

*We are committed to protecting you and your documents.
*All shredded paper is baled and 100% securely recycled in an
environmentally friendly manner.
*No need to remove paper clips, staples, binder clips, hanging
folders, rubber bands...we do that for you!
*Individuals may bring their documents in any container
(cardboard boxes, trash bags etc.). We even recycle
those cardboard boxes!
*Even if you shred our own documents, you can bring the
shredded paper to us and it will be securely recycled.
*CDs, pictures, credit cards and even X-rays will be securely
destroyed.

In the coming months, we will offer some valuable information regarding recordkeeping and storage. What do I keep and what can I shred? How long do I need to keep my documents? All will be revealed! SHARE WITH YOUR FRIENDS!

Our hours of operation are from 8am to 2pm.

Call us at 479-524-5911 to find out more or check us out at

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