Shred!
Shred-it Day volunteers left to right: Ed Pinchiff- Planning Commission; Glenda Lee; Cathy Meschuk; JD Miles. With Spring Cleaning comes the question: Which documents can I shred? Here are recommendations from tax experts:
SHRED AFTER 1 MONTH
Bank deposit slips, once funds appear in your account
ATM receipts once you record the transaction
Receipts for things you bought on a credit card, once you get your statement, unless you need it for a return or a warranty
Credit card statement, unless it has a tax-related expense on it
SHRED AFTER 1 YEAR
Utility bills (except for business deductions such as a home office)
Paycheck stubs, after you’ve reconciled them with your W2
Bank statements (except for copies of canceled checks needed for tax purposes)
Brokerage statements, unless they show a trade for a gain or a loss for tax purposes
SHRED AFTER 7 YEARS
W2s, 1099s, tax-reporting statements, and proof of charitable contributions (the IRS generally audits you within three years unless there’s a chance you underreported income or it suspects fraud.
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