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Which Financial Records Can You Toss?

April 26, 2017

From the nextavenue website

You’ve finished your 2016 taxes and all the accompanying financial papers that went with it. So this is a good time to shred or trash the records you don’t need and, while you’re at it, others taking up space. But which financial records do you absolutely need to keep and which can you toss?

This kind of glut is a problem many of us face, says Robert Spielman, a New York City tax partner at Marcum, an accounting and financial advisory firm. And, after all, who wouldn’t want to go glut-free?

“We all have boxes in the basement or attic or someplace offsite. We store these documents with the expectation that we might need them,” says Spielman. “The odds are those documents have spider webs. We’ve never looked at them because we’ve never needed them. There’s also the general rule that as soon as you throw something out, you will need it.”

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