7. Insurance policies and related documents
When referring to health insurance policies, you can discard them as soon as the coverage ends, but other insurance documents should be kept for at least six years after the policy has been canceled. This way you will be safe in case something unexpected may come up.
8. Tax returns and related documents
Anything related to taxes should be put in a safe place for at least six years. Why? Six years represent the amount of time in which the IRS (Internal Revenue Service) can audit you. When you aren’t able to offer certain documents, you’ll most likely be subject to IRS penalties… and no one wants that.
3 thoughts on “8 Important Documents You Should NEVER Throw Away”
This is good organization technique I keep mine in my safe deposit box
I wish I would have kept my 1988 tax forms because Social Security went back 31 years when I applied for disability and was granted in 2019. Since I couldn’t prove I made the amount that was on Social Security Statement for that year by not saving that years paperwork, Social Security cut that amount in half which affects my monthly disability payments. IRS doesn’t keep records for that long either
So I suggest people should save their tax records till death then family members can dispose of them then.
GREAT ADVISE