Aug 21 2020 | John Barwick
Clutter. Few of us can get away from it. There always seems to be something that we're holding to and some reason to keep it. Whether it's because you don't know if you'll ever need it again or because you have some sort of sentimental attachment to it, the reality adds up to a lot of stuff that really doesn't need to crowd your home. But while it might not be easy to get rid of your old jeans from high school, it seems less likely that you've formed the same sort of emotional bond to your tax records. If you're tired of opening a file cabinet and feeling like it's exploding in unorganized madness every time tax season rolls around, see how you can start to clear it up with the help of mobile shredding.
If you're wondering how long to keep tax documents, the standard answer is usually three years. However, there are certain documents, such as proof of loss from a bad investment, that you should be keeping for closer to 7 years. If you're self-employed, you should be holding onto your documents for 6 years as auditors have the right to examine your tax history if they feel you've underrepresented your income by more than 25%. (This can technically happen to anyone, but is more likely to occur when you're self-employed.) Once you've passed the milestones, there's really no reason to keep all of those receipts and old forms piled up in the back of your closet or home office. Secure mobile shredding is an excellent way to start freeing up more space while simultaneously squashing the fear of having your identity stolen.
Secure shredding is the key to reducing your odds of a costly interaction with a criminal. Just one run-in with a thief can land you in a logistical nightmare where you have to prove that you are who you say you are and that your identity was actively compromised. From time missed from work to the cost of refiling paperwork, the headaches are real. The cost of shredding tax documents may run you up to $150 for a one-off visit (though it will likely be less expensive depending on the volume), but it's well worth the price when you consider just how coveted tax documents are to identity thieves (and just how motivated they are to seek them out around certain times of the year).
Savannah Shred knows how easy it is to let documents pile up. After all, it's not a pressing need, and thus tends to get pushed to the back of the to-do list. But ignoring the question of how long to keep personal records is an invitation to much bigger problems. The tax document retention schedule is just one thing that you need to learn when you're trying to decide if and when to get rid of your paperwork. If you're looking for answers to how to dispose of old tax returns, relying on Savannah Shred might be exactly what you're looking for. Not only can we help with your tax records, but we can help with all of your paperwork. It's easy to schedule everything from a one-time visit to standing appointments for all your shredding needs.