Tax Season: Safe Document Destruction

Tax season is a great time of year to clean out your filing cabinet; you are sorting through files, digging up paperwork, and deciding what to save and what to toss.

Here are some items to consider for disposal:

  • Bank and Brokerage Statements (because 10 years of statements and trade confirmations are available through Schwab and Fidelity’s websites)
  • Mutual Fund Notices
  • Utility Bills
  • Credit Card Statements
  • Old Tax Returns*

*Visit the IRS website to see detailed guidelines regarding the recommended holding period for prior year tax returns.

Once the old documents have been sorted out, it is important to safely destroy the items as the papers may contain personal information such as account numbers or Social Security numbers.

Moneta is proud to sponsor an annual shredding event where clients and their friends and family are welcome to bring piles and boxes of documents to Moneta’s St. Louis office in Clayton (100 S. Brentwood Blvd., 63105) for safe destruction. This year we are tentatively planning to host “Shred Day” on June 5. This date is subject to change in light of the latest COVID guidelines and regulations. More details to come.

In addition to paperwork, many of us have old electronics hanging around in drawers and cabinets. Obsolete gadgets can often be recycled for no charge. Local electronic retailers such as Best Buy or Office Depot accept recyclable electronics. Visit their website or give the store a call to find out details on what items they accept.

Please note that if you are recycling an item that contains personal data, such as a smart phone, it is a good practice to clear out the data either by deleting or resetting the settings to the factory defaults. For old computers, go one step further and destroy the hard drive.

Although hard drive shredding will not be available at Moneta’s Shred Day, our shredding company—American Document Destruction—will shred them for you at their location: 1201 Research Blvd, Creve Coeur, MO 63132. Hard drives must be removed ahead of time and the destruction will cost $2.

© 2021 Moneta Group Investment Advisors, LLC. All rights reserved. Moneta Group Investment Advisors, LLC is an SEC registered investment advisor and wholly owned subsidiary of Moneta Group, LLC.  Registration as an investment advisor does not imply a certain level of skill or training. Moneta is a service mark owned by Moneta Group, LLC.

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