I have just finished my taxes and the age old question always occurs, how long do you keep the taxes, what documents do you need and how to keep them safe. I also gave a list of pertinent information to a relative for safe keeping- just in case.
The following documents are crucial to retain;
- Family birth certificates
- Social Security Cards
- Power of Attorney documents
- Insurance Policies
- Real Estate titles and deeds
- Retirement Plans
- Investment Trade Confirmations
- Military documents and veteran benefits.
Documents to Keep for a definitive amount of time
- Tax Returns and supporting documents/receipts for 7 years. (IRS says 3 years)
- Original receipts for items under warranty
- Pay stubs til the end of year to confirm totals
Protection of Documents:
- Keep in Safety Deposit Box
- Purchase a fireproof safe to protect extremely important 1 of a kind documents.
Checklist of Documents to Keep in Locked Fireproof Box:
- Birth Certificates
- Social Security Cards
- Passports
- List of Bank Accounts
- Contact Information
- List of Insurance Policies
- Will
- Copy of durable power of attorney
- List of Investments and retirement accounts
- Copy of any wills that you are an executor
- List of doctors and contact informations
- List of medications and prescription numbers
- Home Inventory list
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