Moving Soon In NY? Find Out What You Should Do With Your Financial Documents!

Financial documents or statements are both used to report one’s financial information, which information is not limited to businesses only, in a format that is standardized. Some of the basic and common financial documents include cash flow statements, income statements as well as balance sheets. In terms of business financial documents, they are vital as they need to be used to keep stockholders and management teams informed of its competence and success.

Whether in a home or at an office, many New Yorkers tend to keep boxes and boxes of financial documents and records alike from their own business or work. Sometimes certain documents are no longer needed and some people even make the mistake of discarding the ones that they need. If you are planning to move soon, you may want to concentrate on this area though it may not seem significant. In this article, you will learn which financial documents you should keep for the move and when to discard those that no longer serve a viable purpose.

Tax returns

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Tax returns are simply known as a form that an eligible taxpayer uses to declare his or her personal circumstances and annual statement of income. This form will be reviewed and sorted out by the relevant tax authorities to assess the payer’s liability for tax. This process is usually done at the end of each year. You should retain federal and state tax returns as well as any supporting documents for at least seven years.

Documents under estate-planning

These include healthcare proxy, living will or advance healthcare directive, power of attorney and will. You should keep these documents in a safe-deposit box before your move so you won’t misplace them or forgot where they were last seen. You should also make the effort to review them every five years to see if changes need to be done. When there are changes, discard the older and outdated ones to avoid confusion in the future. Finally, ensure that the person who holds your power of attorney or your will’s executor knows where you stored the safe-deposit box and its key.

U.S. savings bonds and stock certificates

First, you can store your U.S. saving bonds in a safe-deposit box or convert them into electronic bonds at the United States Treasury. Ensure that you move the list of serial numbers with you and store them safely in your location or home. Never keep them with you or in a safe-deposit box. For your stock certificates, keep it with a broker such as Fidelity, Merrill or Schwab. You should contact your broker to arrange for a transfer if you have paper certificates.

Proof and paperwork of charitable donations

These documents are also best kept for seven years at a time. If you ever get audited by the IRS or Internal Revenue Service, you will need to produce the following: the amount gifted, the date, receipt that states the name of the charity, as well as a bank record like a credit card statement or a cancelled check. Additionally, you must keep the written receipts for non-cash gifts from your company for seven years too.

Checks you have cancelled

These cancelled checks must be kept for one year at least in many cases. Once a year has passed, make sure to discard expired credit card statements, check statements, check registers and general checks. However, you should keep checks and statements that need to be used for filing support taxes for seven years.

What you should keep forever

Then there are those documents you should never discard. These documents include notices of loan discharge, permanent life insurance policies, social security card, military discharge papers, marriage license, as well as birth and death certificates.

You can handle these documents and other items for the move without trouble with a professional company that provides moving and storage on Long Island. Call us today at All The Right Moves for more information.

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