What documents to keep and toss after tax time

What to keep

BIRMINGHAM, Ala. (WIAT) — The tax deadline has past, but now may be a good time to get a jump start on next year’s taxes. At the very least, it’s a good time clear out stacks of paper sitting around after finishing this year’s taxes.

what can be tossedSome documents may be important down the line, like federal and state income tax returns. They should be kept for a minimum of seven years. The IRS can audit a return at random, up to three years, from the date it was filed.

What can be tossed out:

Receipts that don’t have anything to do with a tax return and pay stubs; the information is on a W2. Monthly investment statements and loan documents for anything you no longer own.

What should be kept:What to keep

Certain important items should always be kept, preferably under lock-and-key. Things like: birth and death certificates, estate-planning documents, wills, marriage licenses, divorce papers, military discharge documents, and social security cards.

Shred anything you do discard. It’s a way to avoid identity theft

Copyright 2014 WIAT-CBS42

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