Finding Hidden Assets in Divorce: Searching for Clues in Taxes and Financial Records

Every divorce and legal separation in Arizonarequires the division of assets. With some couples, that process of division can be complex and contentious. Adding to that tension is the unfortunate reality that some individuals will attempt to conceal assets from their spouses.

Hiding assets in anticipation of divorce.

Although it is unwise and can seriously undermine a party’s case when discovered, many a divorcing spouse makes it a point to try to hide assets. More often than not, this secreting away of property will be attempted before the petition for dissolution is filed, in anticipation of a divorce. Experience has shown that the more time a spouse has before the petition is filed, the more likely he or she is to conceal assets from the other spouse.

When what you find is the decoy.

If hidden assets are found easily, then they could be a mere decoy for the greater amount hidden more carefully. Many a divorce attorney has observed a party, sometimes their own client, using a decoy to divert attention from the more valuable concealed asset. Experienced divorce lawyers watch for any evidentiary clues to hidden assets.

Here’s an example: The decoy is a local bank account opened by one spouse and funded with marital assets, but not a lot of money. The account is easily discovered by the other spouse who, having found the treasure, stops looking for more clues. Meanwhile, the main hidden asset is a well-funded offshore account under a different name. If the other spouse stops looking for clues, then it’s unlikely that he or she will simply stumble upon the concealed offshore account.

SEARCHING FOR CLUES TO HIDDEN ASSETS

We’re talking about discovering assets that one spouse concealed to avoid division in a divorce or legal separation. If there is any suspicion that a spouse may have hidden away assets, then the sleuthing begins. Here are four tips on where and how to search for clues to hidden assets in financial records.

Tip #1: Search for clues in tax returns.

Tip #2: Search for clues in bank and investment accounts.

Tip #3: Search for clues in paychecks.

Tip #4: Search for clues in business records.

Tip #1:Search for Clues in Tax Returns.

As part of the mandatory disclosures in every divorce, a party has to complete discovery and list all of the couple’s assets. The investigating spouse should closely examine the income tax returns for the last five years.

Study the interest income schedules in the tax returns. Compare the itemized accounts listed on the tax return, with the accounts listed by your spouse. Are they the same?

Compare the real estate taxes and mortgage interest in the tax returns, with the real estate details provided by your spouse. Are they the same?

Determine whether there was any overpayment of taxes which must be refunded to the taxpayer, possibly after the divorce is finalized. Will there be a tax refund?

Tip #2:Search for Clues in Bank and Investment Accounts.

An investigating spouse should obtain copies of all bank, credit card, and investment account statements going back five years.

Examine each statement carefully. Look for any large transfers or withdrawals. A pattern of regular transfers of small amounts may also indicate concealment, so don’t ignore those. How much and how often was money transferred? Where and for what purpose was the money spent?

A spouse may try to hide cash and, on some occasions, may use the pretense of a debt when none exists. He or she may transfer money to a friend or family member for the purpose of collecting it later, after the divorce. Was a payment made to a friend or family member on a so-called debt?

Look for any custodial account statements in the names of your children or stepchildren. A custodial account could be used as a mere repository for your spouse to make deposits, taking the money out after the divorce. Is there a custodial account that you were previously unaware of?

Pay very close attention to ATM withdrawals. Do the withdrawals reflect normal spending patterns? What was the money used for?

When reviewing credit card statements, look for payments for accommodations and travel expenses. Are there charges for housing expenses outside the marital home, such as rental payments? Is there any charge that was extraordinary or unusual?

Tip #3:Search for Clues in Paychecks.

You are entitled to request payment records from your spouse’s employer. The investigating spouse should examine the paychecks carefully for any deferred bonuses, options, or wages.

What if earnings are deferred until after the divorce, but the wages were earned during the marriage? Any such delays in paying what is owed could be evidence of collusion between the employer and your spouse. A payment deferred until after the divorce would appear to be that spouse’s separate property, unless it is traced back to the community as earned during the marriage. Is the employer holding back any earnings or bonuses to be paid after the divorce? Is a promotion or a pay raise being stalled until after the divorce?

When a spouse is paid in cash, or partly in cash, tracking earnings may be much more difficult. The investigating spouse should look for changes in the pattern of earnings established during the marriage. Is the spouse working the same number of hours, with a significant reduction in stated earnings?

When a spouse has cash income, one way to establish whether there are hidden assets is to perform an in-depth lifestyle audit. The lifestyle audit involves comparing the spouse’s stated income, to the amount of money he or she actually spends. If the spouse’s expenditures are unreasonably high given his or her stated earnings, then it may be evidence that assets have been concealed. Are the spouse’s spending habits excessive when compared to his or her stated earnings?

Tip #4:Search for Clues in Business records.

Owning a business may make it easier for a divorcing spouse to hide assets. In some cases, a business evaluator, typically a forensic accountant, may be necessary to thoroughly investigate the business records for possible concealment practices.

Wages may have been paid to family members or friends for work they did not actually perform – with the intent of returning the money to the concealing spouse after the divorce. Were wages paid to family members or friends for work they didn’t do?

Investments can be written off as business expenses, and expenses can be inflated to reduce income. Is the business being restrained to look less profitable? Was business equipment purchased for much more than market value? Are the business’ expenses excessive when compared to the actual cost of operation?

Divorce for many couples, perhaps most, is an emotionally challenging process. If one spouse attempts to hide assets from the other, the divorce is made that much more difficult. When concealment of assets is suspected, gather and photocopy all financial records before a petition for dissolution is filed. And if you haven’t yet separated, consider safe keeping those records in a secure location outside the home where they can be retrieved later.

Accounting Outsourcing – Get Error Free Financial Records

Maintaining the books of accounts is a crucial aspect in every business. Any business is not only the realization of the vision of an entrepreneur but involves the efforts of many individuals and multiple resources. Accounting is one such resource. In order to ensure a smooth functioning of each segment of the business organization, a business employs various employees. Keeping in-house employees for accounting work can prove to be a costly affair. The employees need to be given huge salaries plus allowances like medical benefits etc. Accounting outsourcing solves this problem by providing cheap working force to maintain the books of accounts.

Maintaining the books of accounts is a monotonous process. Only experts and professionals can do this type of work. However, accounting is an important task in any business. It is essential to maintain the accurate record of each and every transaction on a daily basis. Most of the business houses have realized that if they opt for accounting outsourcing facility, they stand to gain a lot. There are multiple advantages by opting accounting outsourcing services. The biggest advantage is that the business owner can save hundreds of dollars in salary, which have to be given to in-house employees. This is because accounting outsourcing service providers charge less for his services. Accounting outsourcing work is done by qualified accountants who carry out the accounting work using the latest accounting software. The accounting professionals must keep in mind that the records must be maintained accurately. A slight mistake can pave the way to big problems. Deciding the financial position of the business firm can go wrong with a single error in the books of accounts.

By handing over the work to accounting outsourcing professionals, one can be rest assured that that the accounts work will be maintained in a proper and accurate manner. The work done by accounting outsourcing professionals helps in providing instant access to financial records. Tax auditors can access to these records easily. Maintenance of proper records gives an excellent impression of the company in the eyes of auditors, investors, creditors and general public. The business organization is freed from the time and costs involved in hiring the in-house employees. This time and money can be utilized in other areas through which the business organization can reap benefits.

Accounting outsourcing services provide a comfortable and secure option for maintaining the growth and expansion of business. Since the accounting outsourcing professionals update the work on timely basis, the decision makers can move to the next step while keeping in mind the financial position of the business. It is important to hire a reliable and competent accounting outsourcing firm to carry out the accounting work for a business house. Now days, research can be done through online mode also. One can search on the internet and choose the most suitable service provider. This process is hassle free. It saves both time and efforts as there is no paperwork involved in this process. Opting for the services of accounting outsourcing professionals can give an edge to the business over others.

Credit Report Gives Larger Picture of Financial Record

Credit report is an important financial document which reflects your monetary practices, and facilitates a creditor to scan for ascertaining terms and conditions of loans. Viewing 1 credit report from any of the 3 reputed bureaus may alert you about your state of affairs but may leave out some scope of information. The situation of not being able to decipher this missing information may be detrimental to your financial well-being, and that is why most advisors suggest 3 in 1 credit report.

3-in-1 credit as is indicative refers to a financial record as presented by the 3 major credit bureaus. These well-known bureaus can be accounted as Experian, Equifax, and TransUnion. The credit report formulated by any of these bureaus employs the same information; however, it’s the way of presentation that varies. In this manner, this type of credit report could serve as an overview of your financial record as visible to others.

This sort of a credit report is beneficial for viewing 3 different versions of the same information. Scanning through this credit record facilitates the consumer to make comparisons, and even catch up with any missing information in any 1 of the credit reports. In short, it could benefit you to understand several aspects in a more comprehensive fashion.

Emergence of the online credit report providers is on the ever increase, which has made accessibility to this important financial document even easier. The shortage of time is the chief excuse that is employed for not availing things, but the online accessibility of credit report can up to an extent minimize the hassle to avail them.

The online providers usually require you to register by a step-by-step procedure which generally simple. After achieving this registration, the consumers are permitted these services by means of the login name and password. While choosing an appropriate credit reports online providers, authenticate it before embarking upon its services. Check out the terms and conditions to avoid any complications later on. This approach is also beneficial in understanding the conditions that you would require to abide by for accessing the financial document.

Financial Records That Limited Liability Companies Must Maintain in Florida

According to Florida statutes, a LLC is a kind of business entity which is carrying a character of both a corporation as well as of sole proprietorship. As per chapter 608 of Florida statutes, there are certain laws with respect to a Limited Liability Company that makes it mandatory for them to maintain certain financial records as follows.

Department Of State Filing: All Florida LLCs are required to maintain a copy of filings that they do with Florida Department of State. This may include articles of organization, certificates regarding conversions, power of attorney and all other documents that a LLC has filed with the Department Of State. The LLC should also maintain an annual report which is to be submitted yearly to the Department Of State. This annual report should contain the formal name and address of the LLC, date of formation, and date of getting business licence. Full address of registered business and name of registered agent must be mentioned in the annual report.

Financial Records: A LLC in Florida must maintain records related to their financial statements for last three years. Statements of financial records may include details of cash the LLC is having, total value of LLC’s total assets and properties, details of amount each member contribute to the LLC. Last but not the least is that a LLC must maintain a record of procedures by which the LLC would stop functioning. The LLC is also required to maintain an agreement letter for the condition when company is dissolved and there is a division of assets amongst members. They are obliged to keep a record of times and locations of all the meetings the LLC members conducted in the past one year.

Tax Records: According to rules laid by chapter 608 of Florida statutes, a Florida LLC is advised to keep all records pertaining to taxation of the last three years. These documents may include income tax statements of federal, state and local area taxes. This totally depends on the Board of Directors of the LLC to decide whether to get taxed as a corporation or as a sole proprietorship company. In any case, the LLC must keep all their tax related documents intact of the last three years.

Personal Information: A LLC in Florida is required to keep all the details of their personal information at their registered office. This personal information includes full names and addresses of the members, managers, the resident agents and all other important members holding important designations. Members of LLC are basically the owners or those shareholders who hold equal number of shares. Since a LLC is more like a hybrid business entity these shareholders can also manage the company.

It is Easy to Maintain Financial Records with Accounting Outsourcing

Money, indeed, makes the world go round and it holds true for a business enterprise too. Unless a business manages its funds in a proper and accurate manner, it will have no chance of earning a profit as the funds can be easily misplaced or misappropriated. Hence, every business ensures that there is a separate division that is exclusively devoted to maintaining the accounts of an organization on a day to day basis. However, this can be financially draining for the organization to hire professionals just to maintain the accounts of a business and the easier way out seems to be accounting outsourcing to a vendor in a country like China or India. As more and more corporate enterprises realize the multiple benefits of this decision, the process of outsourcing this kind of work is achieving ever increasing popularity.

Accounting outsourcing involves handing over the work of maintaining financial records and accounts of a company in a systematic manner on a day to day basis, by professionals outsourced by the company. The professionals are not only qualified to handle the accounts of your company in an accurate and systematic manner but they also would cost you a lot less. The reason for this financial difference is that labor is much cheaper in countries like India and China than in the western countries. Also, the accountants are comfortable in using any software that is available in the market, hence you as a client, could ask them to continue maintaining your accounts with a software that your company is already used to.

It helps to opt for accounting outsourcing because you have ready and instant access to accurately and chronologically maintained financial record of your business on a day to day basis. Whenever you require the records for your perusal, the vendor could have the necessary files send to you over the internet which makes it an instant transaction. Such instant availability of accurately maintained records comes in handy when a company auditor needs to review your financial records or you need to submit your taxes or even while filing returns. Also, having your financial records in place helps to give your company more accountability and credibility in the eyes of the investor, customer, lender, creditor, supplier and the general public.

In order to plan future growth path for your business, you need to know where you stand in the market. An accurate idea of this can be provided by your financial records. It therefore helps to go in for accounting outsourcing so that you have proper records of every day’s income and expenditure. Each transaction contributes to the creation of a journal entry, profit and loss sheet, balance sheet and other accounts of a company. When a competent and reliable third party is handling these issues for you, the company is bound to make progress and you can concentrate on other aspects of your business in a better frame of mind too, knowing that your finances are in good and dependable hands.

Outsourced Bookkeeping – Professional Management Of Your Financial Records

Maintaining all the financial records of your business takes plenty of time, not to mention, the effort as you have to keep up with the tax laws. Getting assistance from a professional bookkeeping service will get you not only precise records but also plenty of other benefits.

Whatever size your business is, small, medium or large, the most challenging and tiring task is maintaining the financial records. Bookkeeping is a lengthy process in which each and every financial detail including balance sheet info, income statements, payrolls, tax returns, cash flow analysis, etc., needs to be kept up-to-date. Many organizations have in-house bookkeepers to keep the records updated, whereas others take professional help in order to keep their records precise.

As opposed to having in-house bookkeepers, outsourcing is a better option any given day. The major reason is the reduced cost of establishing and managing an in-house department. Besides the fixed salary of the employee, other expenses such as cost of hiring and training, book transitioning, overhead, employee benefits, management costs, etc. add to the in-house bookkeeping.

Apart from the expenses, in-house bookkeeping always comes with the risk of missing out on a record which affect the business. Each and every financial detail of the organization is monitored to come up with an accurate ledger and your in-house accountant might leave room for an error which, down the line, will cost you money in forms of penalties on missed deadlines, fixing the errors and more. In the long run, this will make your company look bad and might eventually lose its credibility with the customers.

To escape the above mentioned situations, outsource bookkeeping to a professional CPA and bookkeeping service. Since all your business data is handled by the professionals, you can rest assured that your financial statements are precise, up-to-date and delivered on-time. Knowing their way around the financial ledgers, the professionals take care of billings, bank account reconciliations, payrolls, balance sheets, tax planning and projection, and cash flow analysis. Adding to that, some services also prepare all city and county/state sales tax returns along with providing your with monthly reviews and close-outs.

Along with keeping your books updated, the bookkeeping services offer web-based system to serve their clients across the globe. They store your records on a protected server in an encrypted form which can be accessed by no one other than you and your bookkeeper. With this system, you get a 24/7 access to your financial reports on the website of the service. You will be provided with a password to access your accounting records. Employ a service that provides automatic off-site backup of your data alongside a 24 hr helpline so that you can contact them any time of the day, in case you have a query.

To top that, several outsourcing services offer loads more than simple bookkeeping. They also prepare payrolls for you, write paychecks, file payroll tax returns, etc. Moreover, the professionals will have a good amount deducted on your taxes by the year end. So, you don’t only get to save time but money as well.

Whether large or small business bookkeeping service will take the load off your shoulders and get this time consuming job done in a timely manner. With the accurate results delivered by the service, you will be left with nothing but peace of mind at the end of the year.

Starting a Home Based Business and Maintaining Financial Records

If you are a home based business owner or thinking of becoming one, a major problem you will inevitably face is the plethora of financial receipts such as credit card slips, canceled checks, leases, business cards, and other pieces of financial records. If these receipts have inundated your home, you know its time to take some drastic measures!

Securing your Home Business Opportunities through Disciplined Record Keeping

It is mandatory under the law to maintain financial records of your business. These records have to be trustworthy and should portray a clear picture of your business. I believe that it is imperative for a small business owner to focus on one’s core competency in order to maximize productivity. That is why I recommend all you home business owners to employ experts to keep a track of all your financial records by digitizing them. Many online receipt organizers are making their mark in this arena.

A Brief Glimpse into the Process

Imagine your self frantically rummaging through the inbox for a receipt of a purchase you made 3 months ago for tax purposes. You will finally realize that you have probably deleted the email. Online receipt organizers offer you respite from constant worrying over your online purchase receipts. There are, of course, slight differences in the manner in which these receipt storage and organizing services work. Once you sign up with your ideal service, you can use an email or user name that they will provide you. Now, while shopping online, you need only need to give your new e-mail address to online vendors, and the electronically generated receipts will be safely stored on your new account.

Another amazing advantage of these receipt organizing companies is that some of them are ready to scan your paper receipts, give them a safe storage space on your account, and mail the receipts back to you. Your financial information can now be easily accessed for taxes, reimbursements, donations, insurance claims, budgeting, etc.

The information gleaned from your receipts is stored safely using encryption methods like 256-bit secure socket layer encryption that is also used by major financial institutions. Mo one can extract your personal information from your account since you are the only one with the password.

Important Documents that Need to be Archived

Documents stored electronically are easy to go through, and take up practically no physical space. After awhile, you might prefer to shift your important papers to a good storage place and keep the electronic version with you. This is where the online receipt organizing companies come in. You can simply maintain copies of your data on your account so that your computer is not bogged down with too many files.

Here is a tentative list of documents that you as a small business owner should have as an electronic copy.

1. Expenses that are even partially related to your home business. A good example is your telephone bill that should be scanned.
2. All the receipts that concern your business. In spite of saving the monthly credit card statements, the underlying credit card slips need to be saved and converted into an electronic copy.
3. Copies of your tax returns, especially from the year you started your home based business.
Starting a Home Based Business the Right Way

Under the Internal Revenue Code Section 6001, you have to maintain records relevant to your business. Besides, these receipts can be demanded by IRS should they want to audit your personal tax returns, or your business. In case of any inconsistencies or inaccuracies in your records, the penalties charged will be detrimental to your personal financial health as well as your business. Moreover, some states may have laws that necessitate the maintenance of your financial information. The state auditors can land up on your door step demanding to see your records.

Highly Affordable Service for Home Businesses

Once you have mapped out a secure and reliable way of keeping track of your records, you are free to concentrate fully on your home business. If you are tired of spending too much time on managing seemingly endless piles of receipts, you can write to me through the comment section on my website for small businesses listed below and I will put you in touch with these companies. They will take all your receipts and digitize them in an Excel sheet or a database for less than $10 a month!

Stuart Rubenstein is the CEO of You Taking Action, a Canadian personal wellness and personal development company which shows you how to start your own home business with little or no investment. Visit him at [http://youtakingaction.com]

Outsourced Bookkeeping – Convenient Way To Maintain Your Financial Records

Bookkeeping is integral to any business and if you have been facing troubles keeping your books updated, you should consider outsourced bookkeeping. Better than having an in-house department for bookkeeping, outsourcing the services will keep your books precise and up-to-date.

For any business, small, medium or large scale, major headache is maintaining the financial ledger of the company. Keeping track of all the financial details, from income statements and balance sheet info to payrolls and cash flow analysis, everything is needed to be kept up-to-date. Most companies have in-house accounting department for all this work whereas others like to outsource their bookkeeping. A good bookkeeping service prepares your financial statements with precision in timely manner and maintains them as well.

Outsourcing your bookkeeping is a far better option than having an in-house bookkeeper. Main reason is the cost of running and managing an accounts department. What most businesses don’t realize is that it costs a lot more than just the fixed salary of the accountant. Starting from hiring and training to the transitioning of the books, in-house bookkeeping is an expensive affair. It requires office space, equipment and software along with other expenses such as overhead, management costs, benefits for the employee and more.

With in-house bookkeeping, there’s always the risk of missing out a record. Monitoring each and every financial detail is a hard and tiring job which makes errors slip past conveniently. Such mistakes can cost your company money along with time to fix the problems like penalties and late fines following the missed deadlines, lost records and more. No company would want to lose its credibility with lenders. Any such situation can be avoided just by outsourcing your bookkeeping

You should take the load off your shoulders by hiring a professional to handle all your business details and manage the paper work. The financial records of your business prepared by the professionals are up to date and accurate. You can access your records from the website of these services anytime you like. Professional know their way around the paper work including billings, tax planning and projection, bank account reconciliations, payrolls. Not only they prepare the bank account reconciliations for your businesses but also give you monthly reviews and close-outs. The basic services provided by an outsourcing company are:

Financial Reports

* Create a balance sheet
* Generate an income statement
* Reconcile your general ledger

Management Reports

* Accounts receivable and accounts payable
* Check register
* Cash receipts journal
* Cash flow reports

Besides bookkeeping, the foundation of your company’s financial records, general ledger is also maintained by an outsourcing company. Each transaction of the company goes through the general ledger. Thereby, enables the outsourcing company to review your financial records and fix the discrepancies, if found any. Additionally, you will be surprised how professionals from outsourcing company can get your income tax deducted. You don’t just get your financial records straightened out but save money as well.

These companies don’t even charge you an astronomic amount for managing all your paperwork. Several companies even have a fixed monthly fee which is beneficial as at the end of the day you don’t get any surprise bills. With their services offered at nominal prices, outsourced accounting saves you time, money and keeps the headache of running an accounts department at bay.

Bookkeeping Outsourcing – Keeps An Error Free And Hassle Free Financial Record

The concept of bookkeeping outsourcing is gaining much momentum now-a-days. Through offshore bookkeeping job can be done in a cheaper rate and in lesser time. As maintaining financial records from outside is error free and hassle free, business owners are finding it the best way to maintain all the financial records of his or her organization. This service excels in maintaining all issues related to money. Big or small, all sizes of business organization are finding it very useful and profitable. By outsourcing bookkeeping, owners get the scope to expand their business as they get the detailed information regarding the income and expenditure of his company. Bookkeeping from outside not only keep track of the financial records but the expert also let the owner know where his or her company stands in this competitive market. During the crisis period, they give suggestive measure.

Mostly small organization is finding this very beneficial. It cut their expenses to one third and helps them to get quality work. Through outsourcing bookkeeping, one can reduce the overload of work and also cut expenses. For any big or small company, bookkeeping from outside is very much profitable. They need not have to pay to their in-house staff and their job gets done at a cheaper price. Bookkeeping involves handling of the financial records, business revenue, profits and losses incurred by the company and various other expenses. Bookkeeping outsourcing is flourishing day by day and today business owners had almost stopped to recruit staff for maintaining all the financial records of his company. They rely a lot on the offshore bookkeeping. They very much like the concept of bookkeeping from offshore.

Tax return period is very hectic. Individuals had to work very hard. Companies had to work day and night at the time of tax session. A minute mistake in tally may prove blunder. So, one requires to work with full dedication. In this case, mostly, business owners rely upon the bookkeeping outsourcing professional rather than their own in-house staff. Outsourcing bookkeeping saves money and time. Work is done with full perfection. Moreover, accuracy is the perfect word to describe outsourcing bookkeeping. By hiring a right individual from a private firm to keep all the financial record correctly removes all the tension of the owner. An error free financial data will lift up the prestige and pride of any organization.

There are many firms that provide bookkeeping outsourcing. It is more prominent than the in-house staff. The expenses of in-house staff are much higher in comparison to the offshore bookkeeping. Bookkeeping involves keeping record of the profit and loss of the company, bonus, gratitude, house allowance, conveyance changes, funds and various other things. Bookkeeping is a very tedious job and requires lot of concentration. It is a very important section of any organization. Any company will prosper only when there is someone who keeps track of all its financial records and offers suggestion. And in this case, this is the right option for all who desires to have an error free financial record.

Financial Records – Be Careful Where You Toss Them!

As we are rounding the corner of the first decade in the 21st century, the term Identity Theft has unfortunately, become a household name. Thieves are finding new ways to use and abuse stolen financial data, often creating nightmares for their victims, who must spend countless hours repairing the damage.

While identity thieves have expanded their repertoire to include medical records, pay stubs, and even school records, financial data is still the most coveted and sought out data by identity thieves. Financial data includes your credit card receipts or statements, bank statements, tax related documents, as well as retirement/IRA and brokerage records and house records (such as mortgage and property tax statements). Even in this technological age, it seems we are still swimming in paperwork, and eventually it must be tossed. Knowing what to toss and when can be tricky for most consumers.

Generally, financial experts advise to keep credit utility and other household bills only until you receive the cancelled check. Credit card statements should be kept longer – about seven years (though receipts only need to be kept until your monthly statement comes and is reconciled). It is advised to keep paycheck stubs only until your end of year tax statements come, and bank records can also be tossed after one year. Other financial paperwork, such as IRA, retirement statements, and house records (deeds, titles, etc) should be kept permanently.

So what is a conscientious consumer to do with all of those old financial statements containing such dangerously identifying data?

Shredding your old financial records is an excellent way to protect yourself from identity theft. One of the most popular ways for identity thieves to get your personal information is through “Dumpster Diving”, in which crooks rummage through trash bins looking for papers with personal information on it. By shredding your old financial records with a good quality shredder, you are completely eliminating the threat of dumpster divers.

Small businesses and corporations typically produce a large volume of paperwork with sensitive data, and professional shredding companies are becoming more and more popular. A professional shredding service allows the business owner to easily and safely get rid of their unneeded financial paperwork, and the service is usually very cost efficient.

There is no doubt that identity thieves are here to stay. The good news is you do have ways to protect yourself. Being diligent with where and how you get rid of your financial records is one excellent way to keep your identity safe.

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MicroShred, a high security shredding and recycling service in Southern Florida. Our secure shredding service insures that all sensitive materials will be destroyed beyond recognition. We provide a secure, convenient, cost-effective and environmentally friendly method to dispose of highly sensitive, confidential documents and other materials. Our mobile shredding units can come to you and shred all sensitive material at your location, under your supervision.