Regardless of the insurance type, you should keep all old paperwork related to a claim until it's been officially closed, you've received any payment you're entitled to, and the related policy has expired.
State Laws. State laws vary, but generally require insurance agents to keep copies of their customer's policies for 6–7 years. Since a nonprofit can't always count on having access to the insurance agent's files when needed, each nonprofit should also maintain copies of expired policies.
The best practice is to keep the policies forever. If you are confident that you will not have any claims brought against you for latent matters, a good rule of thumb is to keep the policies for six years. Nearly all potential claims will have expired within this timeframe.
For self-assessment, you should keep your records for at least 22 months after the end of the tax year your tax return is for. For example, if you send your 2020-2021 tax return online by 31 January 2022, keep your records until at least the end of January 2023.
You could turn it back in to the insurance company, but all they will do is throw it away. For the sake of identity protection, you can shred the card or tear it into tiny pieces, but insurance cards do not contain a great deal of personal information, and most people simply drop their old cards in the trash.
At a minimum bank statements should be kept for two years following the end of the tax year to which they relate. Life insurance policies should be stored indefinitely and all other insurance documents should be stored safely for as long as the policies remain active.
If you're using your insured asset for a business, the IRS recommends keeping your documents for three to seven years, depending on the type of document — but check with your tax advisor to be sure. If you get audited, you'll need to show evidence of your transactions related to that asset.
You can toss most monthly bills after you pay them, or after the payments have credited to your bank statement. If you end up needing to go back to verify anything, see if you can access past bills through online account access.
Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you've used your statements to support information you've included in your tax return.
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
In general, 401k plan records must be kept for a period of not less than six years after the filing date of the IRS Form 5500 created from those records.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
The fact is that old documents—deeds, receipts, letters, bills, invoices, mortgages—often can be more valuable than the Bible they were put in for safe keeping. For an old document to have value, certain criteria have to be met, and obviously, the most important is that it's old.
Once you submit the return, shred those stubs and statements. After filing, go back 3 years to shred the old tax return forms, W-2s, 1099s, K-1s, canceled checks, receipts for charitable contributions, and other information used in past taxes.
How long to keep your records. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
Bank statements and utility bills do not have to be kept for any specific period of time, if you are not self-employed, but again it can be useful to keep these kinds of records for at least two years, if not longer.
Like your mortgage payment statements, you should keep any paperwork on your refinance for at least 3 years. Although, some professionals might recommend keeping it for at least 10 years.
Some people recommend keeping checkbook registers for at least 12 months in case “issues” (questions about payment) arise and because some checks may take a while to clear.
How long must a bank keep canceled checks / check records / copies of checks? Generally, if a bank does not return canceled checks to its customers, it must either retain the canceled checks, or a copy or reproduction of the checks, for five years.
Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.
Hold the returns and supporting documents for at least seven years. The IRS can randomly audit you three years after you file — or six years afterward if it thinks you skipped out on reporting your income by at least 25%.