Figure Out What You Can Toss! GOT TOO MANY FINANCIAL DOCUMENTS?
Do you have a drawer or cabinet in your home that stores all of your essential documents? While throwing them in a drawer and closing the door is convenient, it’s challenging to sort through them when needed. But how do you determine which documents you must keep and which you can toss out? Out of all your financial reports, it’s vital that you hold onto your previous tax records the longest. The IRS can audit previous tax returns within the past three years, but they can go as far back as six or seven years . It’s also beneficial to keep your tax information if you or your children apply for financial aid. For business owners, it’s imperative that you hold onto all of your tax documents for as long as possible. You never know when you will need to refer back to previous years.
You may need additional documents when filing your taxes, but after a year, you can toss out your stubs, credit card statements, investment statements, or receipts from any purchases. If you don’t have any unresolved medical bills, you can also get rid of these receipts and invoices. However, if you’re currently dealing with an unsettled claim, it’s best to hold onto them. With the advent of online purchasing and document management, many receipts for monthly charges and/or fees are stored in companies’ user portals. Therefore, you can toss out any paper receipts and statements after you make the payment. How do you properly throw away unwanted financial documents? Even though these documents are useless to you, they still contain private
information such as your name, home address, account and routing numbers, and Social Security digits. The best way to remove unwanted documents is by shredding them before throwing them in the trash. If you don’t have a shredder at home, we can help! Bring your paperwork to our 11th Annual Shred Day Event at our office on April 29 from 10 a.m.–12:30 p.m. Light refreshments will be provided.
Since we are officially done with tax season, now is a great time to go through
your finance drawer and organize! We would love to assist you with any questions about which documents to keep or toss, so give us a call today.
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Before adding assets or investing, educating yourself on how the stock market works or how you can invest in your additional property to add value and revenue is best. You also want to be aware of what could happen to your investments if the stock market goes down or if something occurs within your assets that reduce their value. Once you better understand the different moving parts at hand and are mindful of your financial goals, you can make a decision that works best for you. Credit or Debit Risks Far and away the most common financial situation people find themselves in, credit or debit risks include any difficulty regarding paying off your credit cards or loans, dealing with high-interest rates, or experiencing financial penalties. In previous newsletters, I’ve discussed some strategies you can use to reduce your debt, how to make timely payments, and the importance of creating a budget. Another method you can use is researching different banks and credit card companies to see how they operate, their interest rates, and how they can benefit you financially. Everyone’s situations and goals are different, so how you approach these risks will vary depending on your needs and values. But I can help! Please call me today to schedule a consultation so we can brainstorm the best strategies to get to where you want to be.
If you have questions you would like answered in our upcoming newsletter, please submit all inquiries to Ellen@CapitalAdvisoryGrp.com . We would also love to highlight your experience with Capital Advisory Group. If you have success stories or instances you would like to share, please send those submissions to the email above.
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