BBB Shred Day Is A Great Way To Get Rid Of Sensitive Papers

Taxes done? Still got a messy pile of papers lying around? There’s no better time than after the tax deadline to tidy up those documents and get them filed or safely shredded.

Leaving sensitive materials where visitors to your home can spot them is a major cause of identity theft. Some experts believe that such “friendly fraud” is a more significant cause of ID theft than online fraud.

The Better Business Bureau’s ‘Shred Day’ this Saturday is a great way to clean up the clutter and be assured that no one will get access to your sensitive papers. We also have tips (below) on what to keep and how long. A BBB video also has tips for preventing identity theft.

The BBB and the Consumer Fraud Task Force are offering free shredding of up to three bags or boxes of documents from 8 a.m. to noon on Saturday, April 20, on the southeast parking lot of Saint Louis Galleria. Free information on protecting your identity also will be distributed.

So what should you keep and how long should you keep it? The BBB recommends:

1. Tax returns and supporting documents should be kept for eight years. Supporting documents may include charitable donation receipts, medical bills and property tax records, for example.
2. Records on contributions to individual retirement accounts should be kept permanently.
3. Retirement and savings plan statements should be kept from one year to permanently. Keep the monthly or quarterly statements until the end of the year, then keep the year-end statement and shred the others.
4. Brokerage statements should be kept until you sell the securities. Sale and basis records should be kept with tax returns for eight years.
5. Insurance policies should be kept for the life of the policy.
6. Copies of bills should be kept until you have a canceled check or other confirmation that the bill has been paid. If they relate to taxes, they should be kept for eight years.
7. Keep credit card receipts until you get the monthly statement, then shred receipts if the statements match. Statements should be kept for eight years if they include tax-related expenses.
8. Paycheck stubs should be kept until you get your W-2 form. If the form matches your stubs, shred the stubs unless there’s other information you need for taxes, such as union dues paid, health insurance costs or retirement plan contributions. Consider keeping the year’s final stub for seven years or permanently.
9. House records – such as purchase price and the cost of permanent improvements - should be kept permanently, or until seven years after you sell the house.

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