Taxes Filed? Tax Documents You Should Keep And What To Shred

Posted by Ryan Richard

Once you separate the tax documents and supporting evidence you need to keep and destroy, you’ll need shredding services to ensure that those documents are shredded and recycled so that no one can put them back together. Many people believe that companies like Shred America only services businesses, but that couldn’t be further from the truth. Our services include one-time shredding services, residential shredding and a document drop-off program so that individuals can safely discard confidential information such as tax records.

How Long Should You Keep Tax Documents?

You don’t need to keep many documents for long – some as little as a year. Shredding old tax documents keeps your information safe and makes more room for next year’s documents. Tax documents to shred and their time frames include:

  • Utility bills, withdrawal records and deposit records: Keep for one month;

  • Pay stubs and regular statements: Keep for one year;

  • Investment property documents: Keep for three years after you sell;

  • Supporting tax documentation, such as information for deductions, depreciation, W2s, 1099s, 1098s and other documents: Keep for up to seven years; and

  • Major financial records and tax returns: Keep permanently.

What to Keep for Tax Records

The Internal Revenue Service has up to six years to start an audit if it thinks you missed more than 25 percent of your income. When you manage tax files, be sure you keep documents proving income, such as 1099s, W2s and other documents that prove income for at least six years. In some cases, you might want to keep certain documents, such as those showing bad debts and worthless securities for up to seven years.

If you do not need certain canceled checks for your taxes, you can shred them after a month. You should also shred any credit card mailers, bank correspondence that you do not need to keep for your taxes or other records with any personal information on those documents. Even one piece of personal information, such as your address or your phone number, can give an identity thief enough to get a profile started on you.

A quick and easy list of documents, including non-tax-related documents, tells you what you need to shred as you go through your filing cabinets or storage boxes. Separate documents that need to be shredded, but keep them locked up until you can schedule an appointment with us.

Where to Shred Tax Documents

Shred America, a tax document shredding service, works with businesses and individuals to shred business and residential documents. We have multiple locations across the United States and network partners in areas where there is not a Shred America Location.  Want to find a Shred America location nearest you?  Find your location here.

When you use our mobile shredding service, our drivers arrive on time and expediently complete the shredding job. When we can, we even accommodate people on very short notice, regardless of the number of boxes you have to shred. Whether you need us to come to you or you prefer to drop your documents off at our office, we securely shred your documents, bale them with others’ documents and send them to a secure recycling plant.

Contact Shred America

After sorting through your old tax documents and other documents that you need to have shredded, contact Shred America to make an appointment to drop off your documents, have us pick up your documents, or have the mobile shredding truck come to your business.

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