To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. The same is true when you buy, sell or insure something. The main reason for filing away financial documents is to be able to defend your annual tax returns if needed, but there are other reasons to save certain types of paperwork. Some financial documents should be kept for the long term.
The IRS statute of limitations for auditing is three years. State statutes of limitations can vary, so check with a tax professional on the limitations in your state.
Your best bet is to hang on to your tax returns as long as possible. You also should consider saving documents that verify the information on your returns for at least seven years, like W-2 and forms, receipts and payments.
If you have receipts related to assets, like receipts for home remodeling projects, keep these for as long as you are the owner. Documents that fall into this category include non-tax-related bank and credit card statements, investment statements, pay stubs and receipts for large purchases. Keep these records on hand for a year if you need them to support your current-year tax preparation or as proof of income when making a large purchase.
The Federal Trade Commission suggests holding on to your paid medical bills for a year before tossing them—unless you have an unresolved insurance dispute, in which case you would retain the medical bills until the dispute is resolved.
Medical bills are confusing, and having records on hand to dispute payments or errors is wise. Many banks and credit card issuers offer electronic statements now, so you may not need to keep paper copies on hand, which will cut down on excess clutter.
If keeping other documents around longer term makes you anxious, you can opt to scan them to create electronic copies and then dispose of the original paper documents. You can toss most monthly bills after you pay them, or after the payments have credited to your bank statement. If you end up needing to go back to verify anything, see if you can access past bills through online account access. Many companies keep past bills and invoices available online for the past few months or longer.
Some canceled checks should be saved, though, if they are related to tax returns, like any charitable giving. Important papers to save forever include:. This includes titles, deeds, insurance policies, warranty documentation and more. Health insurance policies and related documents are important to keep long term, too.
So long as your health insurance is active, you should keep these records. The same is true if you receive disability or unemployment benefits. Keep the documentation until you know you no longer need it. You can cut down on clutter by creating a reliable system for storing your financial documents.
Keeping your documents safe is equally important. Whether you have paper documents or electronic versions, here are options for storing your financial documents safely long term. Many people choose to keep documents stored in a filing cabinet. Use file folders to organize paperwork by subject, year or another method of your choice. Bankers boxes are another storage option, but these are more susceptible to water damage.
You should keep a copy of purchase and sale contracts for any home you own to support your claim of basis. Similarly, retain home improvement records.
They also increase your cost basis. Note that the cost of ordinary maintenance and repairs does not impact your cost basis. The value of your home can increase meaningfully over time. IRS Publication provides further guidance related to the rules for excluding the gain from the sale of your home.
If you own two homes and would like to change your residency to save on state taxes it gets a little more complicated. You should retain receipts and travel records to substantiate which home qualifies as your primary residence.
If you claim a Home Office Deduction , you will also need to maintain additional documents. Receipts related to this deduction for example, utilities, insurance, repairs, and depreciation should be retained for seven years as well.
In this case, the simplified option requires significantly less recordkeeping. In general, keep records related to owned real estate for seven years after filing the tax return that includes the sale of your final home.
Being a tenant is a lot easier. You can shred rental agreements after you move out and the landlord refunds your security deposit. Review your bills annually.
In most cases, after the canceled check from a bill is returned, you can shred the bill. But you should keep invoices for big purchases; e.
In the case of credit card receipts and statements, keep your original receipts until you get your monthly statement. You can shred the receipts if the two match up. Keep the statements for seven years if they document tax-related expenses. When you receive your W-2 from your employer, you should match it to the information on your pay stubs. If it does, you can shred the stubs. If it does not, you should request a corrected form, known as a W-2c.
As a general rule, you should keep copies of your W-2s for seven years. But you should also match them to your Social Security earnings history through your my Social Security account. If you find a mistake, your W-2 can help you correct it. Estate planning documents can give rise to numerous issues. You should retain originals of any will, trust, durable powers of attorney for both medical or financial affairs or related documents, as well as beneficiary designations from insurance policies or investment accounts.
If you are married and have a pre- or post-nuptial agreement, you should keep it as well. If you received an inheritance or gift, you must document its value as well. As a result, you should keep the related IRS forms. As a result, you should keep the related IRS forms — , , and — forever. While it does not relate directly to document retention, you should also keep a secure file with account numbers, usernames, and passwords for all online accounts.
This will help family members when they need to access accounts after you are gone. At Apprise, we provide new clients with a password book they can use to record this information. In the event of your sudden death or incapacity, it helps if your named agents for medical and financial affairs are fully informed of the details of your personal data.
This will make it easier for them to act on your behalf. There are many other records you should maintain. For example, keep receipts related to a Health Savings Account in accordance with the rules for deductible expenses outlined above. You want to keep a record of who you paid, the amount, and the date you made the payment. Your healthcare provider may provide relevant data as part of its explanation of benefits forms as well. You should hold onto copies of all major insurance policies.
You should also develop a home inventory of things you will want to replace if they are damaged or stolen. Such records are best kept in a safe deposit box. Taking pictures of such items can also make any insurance claims a lot easier to process.
You should retain agreements for all major loans, such as student, auto, and your mortgage along with any letters confirming payoff. You should maintain records of child support, alimony, and other records forever, too. Keep divorce documentation, particularly if the relationship is unfriendly, as well. Store this information safely along with key legal documents such as wills, trusts, and Powers of Attorney.
That helps prove their authenticity. Retain documentation related to warranties for as long as the warranty is in effect. Keep manuals for as long as you own the item — today most manuals are electronic. For each vehicle you own, keep the title. If you are meticulous, you can retain the repair and maintenance records as well. Adopt a filing system and stick with it.
The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members.
A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members.
A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.
For more details, please contact lfrysinger midcomm. Are you seeking a career at an organization that promotes from within, provides an excellent salary and benefits package to our valued employees, and is committed to building financial wellness for members and their families?
Float Member Service Representative duties include but are not limited to: processing transactions, accurately performing end of day balancing procedures, following company policies, and utilizing the core data processing system and various software applications including electronic banking services.
We are looking for individuals who are punctual, honest, friendly and have outstanding communication skills. We have Full-Time and Part-Time positions available. Resumes may be submitted to lfrysinger midcomm.
Be sure to check back later or follow us on social media for hiring announcements. Skip to content. Six years or longer House records, tax records, IRA contributions, and other miscellaneous records should be kept for at least 6 years, if not permanently.
0コメント