Document Shredding Fundraiser Saturday, May 5 at Mechanics Bank in Walnut Creek

Elevation Wealth Management and




Saturday, May 5, 1:30PM – 3:30PM
1350 N Main Street (at Duncan St)
Walnut Creek, CA

To benefit the $20 for the first legal size box, $5/box thereafter.
Cash, Checks, and Credit Cards accepted.

100% of the proceeds go to the Cancer Support CommunityCancer Support Community’s programs and services enable cancer patients and their families to manage their treatment and recovery as effectively as possible, increase their chances for survival, and provide for a higher quality of life. Anyone affected by cancer is welcome, and all of our services are always free of charge.

Shred Works will shred your confidential and sensitive information on the spot so that you can be in and out in less than ten minutes.

A Guide to How Long to Keep Financial Records

When tax season ends, many people wonder which personal and financial records need to be saved for tax and other purposes. Here are a few tips and information sources to help you decide what records you need to keep and for how long.

Taxes                                                                         7 Years

The IRS has 3 years in which to audit your income tax return. However, this limit does not apply if you failed to report more than 25 percent of your gross income (the limit then is 6 years). There are no time limitations if you filed a fraudulent return or if you failed to file a return. You have up to 7 years to file a loss from worthless securities.  In California, the Franchise Tax Board can issue a tax assessment for up to 4 years after the tax return’s filing date or due date. This suggests that Californians should hold on onto their records for an additional year beyond the basic federal requirements.

IRA contribution records                                          Permanently

If you made a nondeductible contribution to an IRA, keep the records indefinitely to prove that you already paid tax on this money when the time comes to withdraw.

Retirement/savings plan statements                     From one year to permanently

Keep the quarterly statements from your 401(k) or other plans until you receive the annual summary; if everything matches up, then shred the quarterlies. Keep the annual summaries until you retire or close the account.

Brokerage statements                                           Until you sell the securities

You need the purchase or sales slips from your brokerage or mutual fund to prove whether you have capital gains or losses at tax time.

Bank records                                                          From one year to permanently

Go through your checks each year and keep those related to your taxes, business expenses, home improvements and mortgage payments. Shred those that have no long-term importance.

Bills                                                                            From one year to permanently

Go through your bills once a year. In most cases, when the canceled check from a paid bill has been returned, you can shred the bill. However, bills for big purchases — such as jewelry, rugs, appliances, antiques, cars, collectibles, furniture, computers, etc. – should be kept in an insurance file for proof of their value in the event of loss or damage.

Credit card receipts and statements                    From 45 days to seven years

Keep your original receipts until you get your monthly statement; shred the receipts if the two match up. Keep the statements for seven years if tax-related expenses are documented.

Paycheck stubs                                                        One year

Go through your checks each year and keep those related to your taxes, business expenses, home improvements and mortgage payments. Shred those that have no long-term importance.

House/condominium records                                From six years to permanently

Keep all records documenting the purchase price and the cost of all permanent improvements – such as remodeling, additions and installations. Keep records of expenses incurred in selling and buying the property, such as legal fees and your real estate agent’s commission, for six years after you sell your home. Holding on to these records is important because any improvements you make on your house, as well as expenses in selling it, are added to the original purchase price or cost basis. This adds up to a greater profit (also known as capital gains) when you sell your house. Therefore, you lower your capital gains tax.

For more information on what to shred see IRS Publication 552 at

Sources: , Marquette National Bank and Catherine Williams, President of Consumer Credit Counseling Services of Greater Chicago.

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