With the due date for federal and state income taxes coming April 18, chances are you have had to gather up a lot of papers that have sensitive information. Those papers could be a gold mine for identity thieves if you fail to keep them safe.
Tax time is a good opportunity to decide how many papers you need to keep on hand and how you can keep them safe. For the most part, if the paper was important for doing your taxes, you should keep it for at least eight years, accountants say.
If possible, keep the papers in a locked file cabinet or another safe place. Do not leave them out in plain sight. Some people prefer to scan the papers and keep only an electronic copy, but that needs to be secure as well.
Most people have many more papers than they need. Most credit card and bank statements can be discarded after three years. Keep records of purchases you may need for future taxes or to prove when you bought a valuable item such as a computer or major appliance. Keep bank records related to purchasing a home until you sell the house. Other bank or credit card statements can be shredded.
Old identification cards or expired credit or debit cards should be destroyed. Cut through the numbers on the cards to make it more difficult for a thief to decipher them.
Bills can be shredded after you get a canceled check or confirmation that payment has been made.
Pay stubs should be kept until you get your W-2 form. You may need to keep the last pay stub of the year if you itemize deductions such as medical insurance payments, union dues and the like.
Now the good news: Better Business Bureau is sponsoring a shred day Saturday to help you safely dispose of outdated but sensitive papers. You can get up to three bags or boxes of documents shredded free between 8 a.m. and noon at Office Depot, 101 S. Providence Road in Columbia. BBB also will provide free information on protecting your identity.
Shred-It, a Securit company, is providing free shredding.
For more tips on protecting your identity, go to midmobbb.org or call 573-886-8965.
Sean Spence is the Mid-Missouri regional director for Better Business Bureau.