Its Tax Time: How Do I Dispose of Old Tax Returns

Posted by Ryan Richard

It’s tax time and the identity thief vultures are circling. One of the best things you can do is learn how to dispose of tax records. There are tons of shredding services that can ensure your identity is confidential and you won’t have to worry about your sensitive documents being compromised. Every year, companies and individuals are victims of tax fraud which makes it even more important to understand what needs to be done to keep your identities safe.

Dispose of old tax returns

When getting ready to go through your files, knowing how long to keep personal tax returns is key. The general rule of thumb for old tax returns is to keep them for at least 4 years after filing the original return if the state you reside in has a state tax, and 3 years for states that do not. There are some exceptions to this rule:

  • If you claim a loss of worthless securities or bad debt deduction, you must hold these returns for 7 years.
  • If you don’t file returns, keep all your records indefinitely
  • If you file tax records for employment purposes, keep them for 4 years after the debt is due or paid.

There are times when these guidelines are altered based on the circumstances. Speaking with a tax professional can provide insight into what you should be doing with your tax records based on your individual case. The worst thing you could do is need specific documents that you have gotten rid of. It’s always best to be safer than sorry.

How long to keep personal records

One of the biggest challenges when faced with having to keep tax records is determining how to store tax returns. Let’s face it – most people don’t know how long to keep personal records, so figuring out the answer to the question of can I destroy old tax returns can be confusing. If you don’t know, things could quickly go south. In addition to your tax records, anything personal that could compromise your identity should be shredded. This includes credit card bills, utility bills, and other information that could help an identity thief use your identity.

 Contact Carolina Shred 

Carolina Shred specializes in document destruction, providing a safe space for individuals and organizations who need to dispose of old tax returns. While using a store-bought shredder may seem like it is a good idea, most of the time they don’t shred like professional companies.

Working with an AAA NAID certified Veteran owned and operated company, Carolina Shred understands the need for quality services that are easy to schedule with no hidden fees. We offer onsite shredding, pickup, and drop-off services to make sure your documents are handled with professionalism and confidentiality.

If you are a business owner, making sure all confidential documents remain secure is key. Don’t place your organization in a vulnerable position by not securing proper document destruction of sensitive documents.

For more information on our shredding and document destruction services in Charlotte, North Carolina, and the surrounding areas, contact an associate to see how we can be of assistance today!