Thursday, June 8, 2017  
Search By Keyword
Breaking News Alerts
Email Alerts
Email Address
Text Alerts
Mobile Number
 )  - 
Mobile Provider
standard messaging rates apply
North Charleston Police
Do you think that the North Charleston Police Department has taken appropriate steps towards reform a year after the Walter Scott shooting?
 
H&R Block to host free shred event in Charleston
Published:
3/27/2017 12:10:29 PM

Three million Americans annually report tax identity theft and the IRS has paid out an estimated $5 billion in fraudulent returns for a single year. While cyber attacks pose a major threat, not all attackers are found online. They can sift through trash and recycling bins to hunt for personal information like a name, address and Social Security number and use what they’ve found to file fraudulent tax returns. To help prevent this personal information getting into the wrong hands, H&R Block (NYSE: HRB) will host a free shred event on Saturday, April 1 from 1:00 p.m. to 4:00 p.m. at 5060 Dorchester Road, Ste. 310, Charleston, S.C. 29418. H&R Block will offer advice on which documents to keep and for how long.

“Tax and other financial documents contain some of your most important information. We are committed to protecting personal data ourselves and helping taxpayers protect their own information,” said Janet de Crosta, district general manager at H&R Block. “This shred event is the perfect opportunity not only for taxpayers to safeguard their own information, but to learn best practices and other ways to protect themselves from tax identity theft.”

Taxpayers need to keep only a few documents indefinitely

During tax season, taxpayers often question what tax and financial documents they should shred, discard or keep.

“The good news is that taxpayers usually need to keep only a few types of documents indefinitely,” said de Crosta. These can include records of business income and expenses for as long as you own the business, property sales that resulted in net-operating or capital losses and records of home improvements or other expenditures that establish basis in a home.

Three years is often sufficient for most documents

Taxpayers should keep most of their tax-related documents for at least three years. Three years from the return due date is generally the timeframe a tax return is open for review and a taxpayer could need to substantiate information on the tax return. This kind of information may include:

  • Proof of charitable contributions
  • Bank statements,
  • Printed paystubs,
  • Utility bills,
  • Brokerage statements,
  • Medical and dental expense receipts,
  • W-2s, 1099s and other information documents,
  • Tax-reporting statements like property or real estate taxes;
  • Closing Disclosure statements (or HUD-1 for older sales),
  • Mortgage statements,
  • 1095s and certificates of exemption from the Affordable Care Act,
  • Retirement savings annual reports and
  • Annual brokerage statements.

Taxpayers should save their tax returns a minimum of three years but there are good reasons to save it longer than that, for example if it has business schedules (such as Schedule C) or other information they may want to refer to in the future.

 

“Ultimately, whether or not you keep supporting documents, and how long you keep them, depends on whether you used them for your tax return or need them for other purposes,” said de Crosta. “For instance, if you’re not deducting rental expenses or claiming a home office deduction, you probably don’t need to save utility bills.”

Don’t just keep documents – keep them secure

Taxpayers should keep these tax records and supporting financial documents safe. They can do so with MyBlock, which has bank-level encryption technology, multi-layer authentication and other important safeguards. MyBlock users can also get free access to tax advice and year-round planning tools, prepare their taxes online and schedule an appointment at a local H&R Block office.

For more information or to schedule an appointment, call 843-552-5186.

 

Visitor Comments

 
Account Login  
Username
Password

  need help?  
 
Current Conditions
75°F
Overcast
Charleston, SC
Radar & More >>
Advertisers
click ad below for details
Show All Ads