At Rivers Bend, we understand the importance of having a strong neighborhood filled with helpful and friendly people. As a professional real estate agent and mortgage broker, Colleen and I strive to build our community and give back in any way that we can. That’s why we are hosting a free shredding event on April 22nd from 9-11 AM in the pool parking lot of Rivers Bend Subdivision. We ask that you bring no more than two boxes of documents per household so that everyone can dispose of their sensitive documents safely. If anyone has questions or concerns, please don’t hesitate to reach out to either Colleen or myself. We look forward to seeing our neighbors on April 22nd for this beneficial event.
Items to consider Shredding
It is important to have documents professionally shredded because it helps to ensure the security of sensitive and confidential information. Simply throwing away or recycling documents can leave them vulnerable to theft, fraud, or misuse.
Professional shredding services use specialized equipment to thoroughly destroy documents, making it nearly impossible for anyone to access the information contained within them. This is particularly important for sensitive information such as personal or financial data, medical records, or legal documents.
Document retention policies are important for individuals and organizations alike. They provide guidance on what documents should be kept, for how long, and how they should be disposed of. Legal documents, in particular, are critical to keep for a specific period of time to comply with legal and regulatory requirements. This blog post will provide guidance on the timelines for various legal documents that should be kept before shredding and disposing of them.
- Tax Returns and Supporting Documents
Tax returns and supporting documents should be kept for at least three years from the date they were filed or due, whichever is later. The IRS has up to three years from the date you filed your tax return to audit you, so it’s important to keep these documents on hand in case of an audit. However, it’s recommended to keep them for up to seven years in case of a mistake or fraud.
- Employment Records
Employment records should be kept for at least four years after an employee has left the company. These records include employment contracts, performance evaluations, disciplinary actions, and termination documents. In addition, employers must retain I-9 forms for three years after an employee is hired, or one year after employment ends, whichever is later.
- Corporate Records
Corporate records, including articles of incorporation, bylaws, and minutes of board meetings, should be kept permanently. These documents are necessary for establishing the legal structure of a business and demonstrating compliance with legal requirements.
- Real Estate Documents
Real estate documents, such as deeds, leases, and mortgages, should be kept for as long as you own the property. In addition, any documents related to the purchase, sale, or improvement of the property should be kept for at least seven years after the property is sold.
- Legal Correspondence
Legal correspondence should be kept for at least seven years after the matter is closed. This includes letters, emails, and other documents related to legal disputes or transactions.
- Insurance Policies
Insurance policies should be kept for the duration of the policy, and for at least three years after it expires. In addition, any claims related to the policy should be kept for at least seven years after the claim is settled.
- Retirement and Investment Records
Retirement and investment records, such as IRA contributions and investment statements, should be kept for at least seven years after the account is closed or transferred. These documents are necessary for tax purposes and to prove ownership of the account.
In conclusion, document retention policies are crucial to ensure that legal and regulatory requirements are met. It’s important to keep records for the recommended period of time before shredding and disposing of them. By following these guidelines, individuals and organizations can protect themselves from legal and financial consequences.
If you’re a homeowner, you might be wondering how much your home is worth or whether refinancing could help you save money. As neighbors who care about our community, Colleen and I are happy to offer a free home evaluation report or a review of your loan to see if refinancing is a good option for you. By filling out the form below, you can get in touch with us and we’ll be happy to help you understand the current value of your home or whether refinancing might be a smart financial move. We believe that by helping our neighbors make informed decisions about their homes, we can contribute to the overall well-being and prosperity of our community. So if you’re curious about your home’s value or whether you could save money by refinancing, don’t hesitate to reach out to us!