Preparing for Tax Season 2021: Safe Disposal of Documents – A few tax season tips for protecting your privacy with document destruction services.
The IRS began accepting and processing the 2020 tax year returns back on Friday, February 12. While most people are now working on compiling their paperwork for the year and getting these submitted before the April 15 deadline, we wanted to offer a few things worth mentioning regarding protecting your privacy.
First and foremost – do not forget to use secure software and networks if you’re filing online or a credible tax specialist to help with your returns. There is so much sensitive financial data included on these forms that it’s not something you should leave in just anyone’s hands.
Now that the obvious is out of the way, we wanted to go over some of the tips we have always instilled in our customers and friends.
Shredding is your friend. We’re not just saying that because it’s what we do. But think about it.. All those invoices, receipts, and tax files you no longer need could end up in the wrong hands and provide a plethora of personal identifying information that could lead to an identity breach. Need we say more?
The only way to know for sure that the data has been destroyed is to have it shredded to unrecognizable pieces.
Know what items to keep and which to destroy. Many are mandated to specific timelines, so depending on what kind of transactions and filings you’re doing each year, you’ll need to check with your industry and local compliances.
Most experts advise that bank statements and deduction receipts be destroyed after three years and that payroll vouchers, as well as tax return statements, be destroyed after seven years.
If you have questions about what documents you should shred or keep in preparing for tax season, talk to a professional today! Our shredding service provides convenient pickup scheduling as well as nearby drop-off locations, so you never have to think twice about protecting your privacy.
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