Looking to get rid of important documents? Here's what you need to know

Chris Green, Rockford Register Star
·2 min read

Earth Day is Saturday and you may be motivated to do some spring cleaning.

One thing you might want to consider getting rid of is some financial documents.

According to the IRS, the length of time you should keep a document depends on the action, expense, or event which the document records.

For most folks, it's recommended you keep your financial records for three to seven years before getting rid of them.

When it's time to get rid of the documents, it's best if you shred documents, rather than just throw them away.

An event this weekend in Rockford is giving residents a chance just to do that with on-site shredding services to help consumers mitigate the risk of identity theft and safely destroy personal/confidential documents they no longer need.

Check your passwords: Rockford among top cities in the US for identity theft

Here's what you need to know:

When and where is shred day being held?

From 9 a.m. to noon Saturday at MembersAlliance Credit Union at South Alpine Road and Harrison Avenue.

Any suggestions on what documents I should keep, and which ones to shred?

  • A good rule of thumb is to keep all tax returns and supporting documentation for seven years. The IRS has three years from your tax-filing date to audit and has six years to challenge a claim.

  • Keep credit card statements for seven years if tax related expenses are documented.

  • Keep paycheck stubs for one year. Be sure to cross reference the paycheck stub to the W-2 form.

  • Be sure to keep bank statements and canceled checks for at least one year.

  • Bills should be kept for one year or until the canceled check has been returned.

  • Receipts for large-ticket items should be kept for insurance purposes.

  • Home improvement receipts should be kept for six years or permanently.

  • Items such as birth certificates, social security cards, insurance policies, titles or wills should be kept permanently in a safety deposit box.

  • If you are going to dispose of documents with sensitive information, shred them.

How much can I bring?

A maximum of two boxes per car for shredding.

Just how big of a problem is identity theft?

According to the National Council on Identity Theft Protection, 33% of Americans have experienced identity theft at some point in their lives, about three times the world average.

For more information about Community Shred Day, contact the BBB at 815-963-2222 or MembersAlliance Credit Union at 815-226-2260.

Chris Green: 815-987-1241; cgreen@rrstar.com; @chrisfgreen

This article originally appeared on Rockford Register Star: Looking to get rid of important documents? Here's what to know