Taxes: What to keep and what to throw away

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WEST HAVEN, Conn. (WTNH) Tax season is over for most people but now many of you likely have a stack of papers to store away.

Many of us keep everything so we’re protected if we get audited but Jackson Hewitt’s John Kordiak says its OK to toss a lot of them.

“You can toss anything that isn’t a relevant document. Like when you get something from the bank. There’s usually ten pieces of paper in the envelope, there’s only one that says tax information on it. That’s the one piece of paper you need to keep,” Kordiak said.

Kordiak says to keep all of the official forms like the W-2s and 10-99s, dividends and interest statements and store them away in a safe place.

“Save those documents for a minimum of three years or longer, six years is what I would recommend,” he said.

While you’re at it, throw out the older documents and start prepping for next year.  Designate a place to keep the documents you collect throughout the year.

“Everytime something comes in, just make a note on the envelope, save for taxes, file it away. When you come in, we’ll help you sort through it, what you need, what you don’t need,” Kordiak added.

Getting organized now can not only save you time later, it can also save you money, by keeping good records of your deductions.

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