Shred Fest: What Documents To Keep And Which To Pitch - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Shred Fest: What Documents To Keep And Which To Pitch

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JACKSON, Mich. (WLNS) - To help prevent identify theft, TV-6 is sponsoring an event called "Shred Fest." You can bring documents and have them shredded free of charge. But what should you keep and what should you toss?

 

 

It's hard to believe, but if someone's desperate, they'll rummage through your trash to access your financial life. So don't just toss receipts and documents. You need to shred it.

 

Accountants recommend shredding anything you don't need that has your name, number, address, and most certainly, your social security number.

 

"Having the proper documents on hand is important, but just as important is not having documents that really don't have value for you anymore. To keep those lingering around it's just asking for trouble," said Nathan Eads, an accountant. "If you have something and you think, 'Would I want this to be just laying out on the street?' That's a good indication of whether you should shred it or destroy the document."

Officials suggst to keep tax returns for at least three years.

"A lot of times what gets people in trouble is they keep the tax returns, but they don't keep the supporting documentation - W-2s, interest for your home mortgage... You need to keep all of that together because all of that would come out to play," said Eads.

If the IRS audits you, also keep receipts for large purchases like those for home improvement for the length of the warranty. Bank and credit card statements are also good to keep for three years. Eads also says if you use your debit and credit cards a lot, keep all of those receipts.

"There can be all kinds of little transactions. Ten dollars, five dollars, sometimes much larger that someone has slid onto your credit card, but if you aren't matching them up with the receipts as those statements are coming in, sometimes that can cause a problem for you as well," he adds.

"Shred Fest" will take place all day Thursday at Friedland Industries in Lansing and Northwest Refuse in Jackson. Workers will only accept paper at both locations.

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