Financial Friday: How to organize important documents simply, safely

WAFF's Haley Baker reporting
Published: Mar. 11, 2022 at 1:08 PM CST
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HUNTSVILLE, Ala. (WAFF) - Tax Season is here and it’s time to start pulling out all those documents you need to file your tax return.

If you organize and file those documents all year, you are likely breathing easy right about now. If not, Lejuan George at Redstone Federal has some tips for you.

  • Start by knowing what should be kept and for how long. Then, set up a filing system, whether paper or electronic.
  • Organizing will not only make next tax season easier, but it will also help ensure you or someone you trust can find these documents when needed – such as during an emergency or death.
    • Here are some documents you should keep forever: Birth, adoption, death certificates, marriage certificates, and divorce decrees along with Social Security cards. Also, it’s important to keep Military service and discharge records.
  • Next comes documents you may need for many years, such as tax documents, investment information, including when you bought and what you paid.
    • Medical expense documentation, including health spending accounts.
    • Business-related receipts.
    • Receipts for charitable contributions.

The bottom line, set up a filing system that works for you. It can save time and money in the long run.

For more ways to save, be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.

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