With tax season behind us, now is a good time to update old habits regarding what paperwork should be kept and what can be discarded. Most of us err on the side of caution when it comes to keeping paperwork, believing once it's gone, it will be near impossible, or at least a big hassle, to replace a document that we unexpectedly need. For instance, I just checked my stack of tax returns and found I still have my tax returns from 2004. Still necessary? Only under certain conditions that won't apply to most of us, according to the IRS.
This NEET Notes gives guidance on how long to keep certain documents. When no longer needed, documents should be shredded. The goal is three-fold. First to eliminate unnecessary paperwork that is cluttering up your house. If you look around, you will probably find paper-work that could have been shredded decades ago. Second, reducing the amount of paperwork should make retrieval of truly needed documents easier and faster. Lastly, establishing new habits for retaining records will greatly reduce the burden on your children of cleaning out your residence after you pass.
To read further, please click the PDF below . . .
Comentários