Jun
14

Holding onto Tax Papers: Is it Hoarding or Just Plain Smart?

June 14, 2010

The Equifax Personal Finance blog has saved me again.

Do you ever feel like the clutter in your house makes you a candidate for A&E’s Hoarders? You know the show that offers a look into the lives of people who have a hard time parting with their things? Well, I certainly do.

My areas of concern? Paperwork accumulated over 11 years of owning a business and my child’s toys.

The toys are being cleaned up a little at a time as he outgrows them.

The papers; however, just seem to multiply despite converting to an electronic based filing system and office in 2004.  What is  piled up in the storage room is a mix of old clippings books, various envelopes and letterhead, and of course, boxes of tax records. It’s definitely time to purge, but what if I throw away (or shred something that seems outdated or insignificant and it turns out to be vital in the case of an audit or dispute?

Here is where I turned to my new favorite online source of information, the

Equifax Personal Finance blog.

Expert Eva Rosenberg’s post,

“Tax Paperwork: What Can You Toss and What Can You Keep?” provides great common-sense guidance.

I probably would have held on to copies of all my tax returns without reading the post, but car loan documents for five to seven years after payoff? Probably not. The clear-cut advice should make my whole sorting process easier.

And my advice for you if you’re getting ready to clean out your storage room or move into your new Chicago home? Go through this stuff before you move, if at all possible. That way, you’ll have more time to focus on decorating and enjoying your new home, instead of cleaning up the mess you brought with you.

Categories: Education

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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