Shredding confidential information
is a common practice that is used to destroy paper documents, CD’s, DVD’s,
X-rays, and hard drives. Here are four
tidbits of information why it is important to shred your non-public records:
- Identity Theft. With identity theft considered the fastest growing crime in America, we all live in a time where one person's trash is another person's treasure, literally.
- Consumer
Trust. If you’re a business, the
feeling that non-public information is safeguarded and data will remain
confidential provides a certain level of trust for consumers to do
business with your company.
- Disposing
“Stuff”. By removing stored stacks
of paper will help save space and reduce a potential fire hazard at your
home or business.
- Tax
Season. Need we say more? Okay we will…
Last
year, according to the IRS, consumers lost nearly $57 billion to criminals who
stole their identities - a scary thought as we discard old documents and fill
up our garbage cans prior to April 15th.
How
to prepare for the 2012 tax season? The IRS has three years to challenge
information in your return and six years to conduct an audit based on
unreported income. Keep tax returns and supporting records for at least seven
years. To learn more about record
retention, click here.
What
else should one do with so many other sensitive documents and/or hardware? Investment statements for taxable accounts,
bank statements, credit card statements, pay stubs, ATM receipts, cancelled
checks, retirement plan contributions, insurance policies, and will’s. Moreover,
for that old computer containing a hard drive with loads of personal
information, don’t just throw it out or make a donation to a charity.
Get organized
with your records and retain what is important and shred what is left. Having
said all that, one should consider scanning all important documents before
simply thinking “Ah, we don’t need this anymore!” If you have any questions about legislative
compliance, simply contact the IRS at the numbers below:
Telephone Assistance
for Individuals
Toll-Free 1-800-829-1040
Toll-Free 1-800-829-1040
Telephone Assistance
for Businesses
Toll-Free 1-800-829-4933
Toll-Free 1-800-829-4933
For shredding
services in the Tampa Bay area provided by PROSHRED, visit a Budget Self Storage store in your
community.
