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What to shred and what not to shred?

After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

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Shredding

Infographic

Is your home a pack rat’s paradise? You’re not alone. As you start spring cleaning, are you wondering what to keep and what to shred? We’ve looked at experts’ advice and compiled this summary of how long they recommend keeping certain documents. Put our handy graphic near your shredder as a guide.

Save forever

Keep documents related to major life events – birth, marriage, divorce, and death. Lock securely:

Birth certificates or adoption papers

Social Security cards

Citizenship papers or passports

Marriage or divorce decrees

Death certificates of family members

Also, keep auto titles and home deeds stored safely for as long as you own the property.

Tax records

This time of year, the big question is: what tax records can you shred, and when can you shred them?

Tax returns – Our conservative advice? It’s best to keep these forever.

– Our conservative advice? It’s best to keep these forever. Pay stubs – Shred ’em after checking them against your W-2. – Shred ’em after checking them against your W-2. Home improvement receipts – Keep these receipts until you sell your home, since certain expenses may reduce your capital gains tax. – Keep these receipts until you sell your home, since certain expenses may reduce your capital gains tax. Other tax records – like tax-related receipts and cancelled checks – Wait seven years before shredding. Why? While the IRS usually has three years to audit you, it has up to seven years under certain circumstances. (If you file a fraudulent return, then the IRS can audit at any time – but for the average honest taxpayer, seven years works.) If you’re unsure what tax records to keep, consult an accountant or call IRS Taxpayer Assistance at 800-829-1040.

Other records

Most experts suggest that you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute). For those who are thinking, maybe I should keep everything, just in case. . . remember that identity thieves can’t find documents you have destroyed. Destroying documents with your personal information reduces the likelihood of becoming an identity theft victim. Shredding is just one way to reduce the risk of identity theft. For other tips on preventing identity theft, visit ftc.gov/idtheft.

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Should a person carry their Social Security card in their wallet?

Don't Carry Your Social Security Card in Your Wallet Losing protection of your full Social Security number is a fast track to identity theft. Once it's loose, identify thieves will exploit it to get loans in your name, obtain credit cards or other financial chicanery.

Nothing gets your heart and mind racing like reaching for your wallet – and discovering it’s gone. Missing. Lost. You check your car seat. The top of the dresser where you usually keep it. Did you drop it? Or were you the victim of a pickpocket? Following our advice on what not to keep in your wallet won’t eliminate that feeling, but it may lower the panic level If your wallet is bursting with personal and financial information, you should know that much of that information can be exploited by identity thieves. All the bad guys need to get started is your name and Social Security number. That alone can lead to bogus loan applications and the opening of fraudulent accounts. It can get worse if they can steal from your wallet your government-issued photo ID, including your passport or passport card, and doctor the image. We reached out to consumer protection experts to identify the things you should immediately purge from your wallet. Oh, and one quick tip before we dive in: Photocopy the front and back of whatever documents you continue to keep inyour wallet. Put that photocopy in a safe place at home, where you can easily retrieve it. If your wallet is lost or stolen, you can at least quickly and easily file reports with the appropriate government agencies and financial institutions.

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