For physical documents, designate a safe, out-of-the-way place in your home to store all paper records that protects them from damage or theft. For digital records, be sure to archive and back up all electronic records. Use complex passwords to keep your account information safe. Make sure your username and password combination is different from the ones you use for personal email, online merchants and social media accounts.
Protecting your computer with antivirus software is also a good idea. Invest in a cross-cut shredder that will eliminate all traces of your personal information, or search for free shredding events in your community.
Having paperless statements and documents can help reduce the risk of identity theft posed by lost or stolen mail. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Please also note that such material is not updated regularly and that some of the information may not therefore be current.
Consult with your own financial professional and tax advisor when making decisions regarding your financial situation. We're here to help. Reach out by visiting our Contact page or schedule an appointment today. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit.
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It's possible that the information provided in the website is available only in English. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely. There are many ways to store important documents.
These include original birth and death certificates, Social Security cards, passports, life-insurance documents, and marriage and divorce decrees. For electronic files, McBride says to consider backing them up to the cloud. You can also store copies of your files in folders on an external hard drive that is password-protected. We respect your privacy. All email addresses you provide will be used just for sending this story. By Consumer Reports. Updated February 18, It's Not Just About Taxes.
Owe the IRS? Here Are Your Options. If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does. More In File. Period of Limitations that apply to income tax returns Keep records for 3 years if situations 4 , 5 , and 6 below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records indefinitely if you do not file a return.
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