Consumer Tax Filing Tip #5: Keep a record of your tax returns only as long as necessary.
4/09/2010
After all, thieves can’t steal what you don’t have. Whenever possible, purge, and shred any records or paperwork once the need for them has expired. Suggested guidelines for individual recordkeeping are available through the IRS.
The actual time span for retaining records varies depending upon the type of information and what it’s used for, so it’s important to seek out best practice guidelines before destroying your paperwork. Nevertheless, reducing the amount of personal information you retain can go a long way towards reducing your risk of identity theft. Be sure to check back in the coming weeks, as we’ll be posting tips that will help you do a little “spring cleaning” with your personal information.
