Keep on file for one year 2025

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Generally, not everyone needs to file a tax return each year. In fact, you wont need to file a tax return unless your total income exceeds certain thresholds, or you meet specific filing requirements. Typically, if your income is less than the Standard Deduction, you dont need to file a tax return.
PRO TIP: A good rule of thumb is to keep your monthly/quarterly statements for the current year, and then shred them once youve reconciled them with an annual statement. The exception is any statement needed for tax purposes; those get grouped into the keep for 7 years category.
Avoid Fraudulent Activities Should you shred old utility bills? The answer is yes. Criminals often use old utility bills to impersonate individuals or set up accounts. By disposing of them properly, you reduce the risk of falling victim to such schemes.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
If you track utility usage over time, keep your bills for one to two years. If you claim a home office deduction, keep them for three years.
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Documents that define your personal and financial lifelike your birth certificate, marriage license and tax returnsshould be kept forever. Hold on to records that support information on your tax returns for seven years. Digitizing and shredding your paper documents can cut the risk of fraud and identity theft.

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