Experts recommend which tax documents to shred, which to keep
COLUMBIA - With the 2014-2015 tax season over there are many documents you may want to throw out; however, there are some you should still hang on to.
Yahoo Finance recommended the following:
Shred after one year:
- Old credit card bills and statements
- Utility bills
- Cellphone bills
Wait at least four years to shred:
- Bank statements
- Insurance statements
- Receipts for TVs, computers and big-ticket items
Yahoo Finance also suggested to save tax documents for at least 10 years, not the seven years that the IRS and advisers suggest.
Yahoo also said you should never destroy:
- Papers proving you paid off your mortgage
- Car loan
- Student loan
- The front page of your 1040
There are many places where you are able to shred your old and unwanted documents in Columbia.
Staples currently has a coupon on their website for shredding 5 lbs. of paper for free without a coupon it cost $1 per lb.
You can also go to Office Depot and pay $1 per lb. of paper to be shredded.
FedEX will also shred your paper for 79 cents a lb.