Income Tax 411

Legal Document Cheat Sheet

What you need to Save. Where to Store? How Long to Save?

What you need to Save Where to Store? How Long to Save?
Title Insurance Policy Home File Forever
Will and Trust Attorney’s Off. Forever
Receipts for Business Home File 6 Years Entertainment
Current Life Insurance Policy Safe Deposit Box Forever
Medical Bills & Proof of Payments Home File 3 Years
Divorce Decree Home File Forever
Passport Home File Forever
Financial & Health Powers of Attorney Trusted Children Forever
Birth Certificate Home File Forever
Income Tax Returns Home File 6 Years
Marriage Certificate Home File Forever
Bank Statements Home File 3 Years
Driver’s Liscense Home File Forever
Receipts for Permanent Home Improvement Home File Forever
Canceled Checks Home File 3 Years

Chapter 9, Senate No. 215: Taxation- Assessment and Collection of Taxes, 2000
NJ Sess. Law Serv. Ch.9, (Senate 215).N.J.S.A. 54:4-8.11 and 54:8-17 became effective on March 30, 2000, and act to increase the veterans’ property tax deduction from $50.00 to $100.00 in tax year 2000, $150.00 in tax year 2001, $200.00 in tax year 2002 and $250.00 in each subsequent tax year and amends P.L. 1963, c. 171.

Tax Deductions Made Easy

Donate used clothing to tax exempt organizations and request a written receipt. This receipt will enable you to document and deduct large amounts of non-cash contributions. Donations are not limited to clothing. They can be furniture as well as household items, automobiles, etc. You can donate to any exempt charitable organization, three are listed below. Family Resource Associates, Inc. & The American Cancer Society will pick up your donations, but many other organization do not offer that service (The Read Foundation). Recently a 13 year-old from Oceanport, NJ donated her hair to make wigs for sick children without hair. Unfortunately, the IRS considers hair a body part, and therefore, not tax deductible .

Contact for more information:

American Cancer Society
Donate your used Car, Truck, or Van to help fight cancer. It Supports Patient and Family Services & Research. Also, they provide FREE pickup of your automobile.
(800) 318-6661

Family Resource Associates, Inc.
Charitable Organization which contributes to education, therapy, evaluation, recreation, family support programs, workshops, materials for local libraries, and many other programs as well.
(732) 446-4041

The Read Foundation
Charitable Organization committed to fight young drug abuse.
(732) 636-8885