Q: My husband and I just completed our 2024 tax returns and our file cabinets are overflowing with almost thirty years of tax stuff. We were wondering how long we have to save our tax files and support. What tax return information should we retain and for how long?

A: The following schedule details my recommended retention periods for your various personal records:

Records you should keep permanently include canceled checks documenting important payments, i.e., taxes, property purchases, special contracts, etc.; correspondence (legal and important matters only), deeds, mortgages and bills of sale, property records; principal residence purchase and improvement support; tax returns and worksheets, correspondence.

For five years you should hold on to duplicate deposit slips; expired insurance policies; insurance records (current accident reports, claims, policies, etc.); personal tax return support and paid bills; personal bank statements and canceled checks and check registers.

These record retention periods are only recommendations.

However, you need to use your own judgment.

Also, when in doubt, contact your income tax preparer before discarding your records.

Should you discard any old records, I strongly recommend that you shred or burn any potentially sensitive financial and personal information.

With financial identity theft on the rise, this is a good common-sense practice.

Barry Dolowich is a certified public accountant and owner of a full service accounting and tax practice with Monterey. He can be reached at (831) 372-7200. Please address any questions to Barry at PO Box 710 Monterey, CA 93942 or email bdolowich@gmail.com