GREENSBORO, N.C. — All those letters and documents you get for tax season are very important, and not just for tax season. You might need them if you see a financial adviser, if you're dealing with a fire or flood, or if someone breaks into your house or car.
ATM, Bank deposit and credit card receipts should be kept for about a year before you shred them. Keep insurance policies and investment statements until new ones arrive.
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Hold on to loan documents until they're paid off. And keep your car title until you sell the vehicle. Keep those for about a year or more.
If you fail to report all of your income, the government has 6 years to collect the tax or start legal proceedings. So keep your tax records for 7 years just to be safe.
But when it comes to birth or death certificates, marriage licenses or divorce decrees, social security cards, or military discharge papers, keep them forever. You should also hold all estate planning documents and life-insurance policies.