Financial Spring Cleaning: Keep This, Throw Away That, and Most Importantly, Organize!

By Peoples Tax | April 27, 2017
Posted in: Individual Tax

Are you spring cleaning? As you go through your closets and junk drawers, consider sprucing up your financial document organization. Many people tend to just have one big folder of ‘important financial documents’. This leads to confusion and frantic searching when you actually need to find something. Add organizing your documents and throwing away unnecessary papers to your spring cleaning checklist!

For this year’s tax documents, you should wait until at least April 18th, 2020 to toss your returns and any supporting documentation for credits or deductions. (This can include bills, credit card statements, receipts, invoices, mileage logs, canceled/imaged/substitute checks, proofs of payment, and any record that supports a claimed credit or deduction.)

For other documents, a good rule of thumb is whether or not you are still paying/receiving money. For instance, if you haven’t taken out all of the money from your IRA, you should hold onto any documents pertaining to your IRA. The same goes for student loan documents, if you haven’t paid off your student loan debt, you should hold onto any documents pertaining to your student loans.

The most important thing to remember when throwing out and organizing documents is to shred any documents you throw away. Any documents with personal or financial information should be shredded to protect your identity.

Here’s an easy checklist that shows what you need to hold onto, and what can toss.


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