Last-Minute Tax Questions Answered and Tips for Keeping Your Financial Documents Safe

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 7 April 2025

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to store all your important documents and get some last-minute tips for filing your taxes. Where should you store your important financial documents? How long should you keep them? What should you do if you’re facing a tricky tax situation? Hosts Sean Pyles and Elizabeth Ayoola discuss some tips and best practices for storing documents like tax returns, bank statements, credit card bills and more, including how and when to dispose of them safely. Then, NerdWallet tax writer Bella Avila joins Sean and Elizabeth to answer listener questions about filing taxes. They explain what you can do if you’re facing an unexpected tax bill, what you need to know if you’re working and paying taxes in multiple states, and provide guidance for those who may be behind on their taxes, including some steps to take financially and emotionally to get back on track. NerdWallet’s list of best tax software: https://www.nerdwallet.com/p/best/taxes/tax-software NerdWallet’s list of best identity protection services: https://www.nerdwallet.com/article/finance/comparing-identity-theft-protection-services NerdWallet’s federal income tax calculator: https://www.nerdwallet.com/calculator/tax-calculator In their conversation, the Nerds discuss: how to organize financial documents, storing important documents safely, financial document storage tips, fireproof safe for documents, digital vs paper document storage, what documents to keep and for how long, how long to keep tax returns, where to store estate planning documents, best way to organize personal documents, how to file taxes, tax season 2025, tax filing deadline April 15, IRS payment plan, what to do if you owe taxes, surprise tax bill help, how to adjust tax withholding, IRS withholding estimator, tax penalty relief, first time penalty abatement, estimated tax payments, filing taxes in multiple states, state tax withholding rules, non-resident state tax return, tax filing for remote workers, state reciprocity agreements, taxes for 1099 income, how to file taxes as a freelancer, self-employed tax filing tips, tax tips for gig workers, how to track 1099 income, what happens if you don’t file taxes, how to file back taxes, emotional stress about taxes, tax anxiety help, procrastinating on taxes, getting help with past-due taxes, financial shame and how to overcome it, free tax filing options, IRS free tax help, best tax software 2025, tax counseling for the elderly, volunteer income tax assistance. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Sean, one of my intrusive 3 a.m. thoughts is whether I've told my beneficiaries where my estate planning documents are.
0:07.7	And when I last saw my birth certificates as well, am I alone in this?
0:11.7	Definitely not. I sometimes have panicked thoughts about what's going to happen if I die some horrible sudden death and no one knows where any of my stuff is.
0:20.2	What a downer, but I'm going to pick it back up.
0:22.8	I think it's a good time for us to discuss document management so I can make room for other
0:27.9	intrusive 3 a.m. thought.
0:34.0	Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.
0:40.7	I'm Sean Piles.
0:41.7	And I'm Elizabeth Ayola.
0:43.8	This episode, we're answering more of your questions about taxes ahead of the April 15th filing deadline.
0:50.9	But before we sway that way, let's talk about managing important financial documents,
0:56.9	which is also relevant when it comes to taxes. I never thought I'd see the day where we'd be ready
1:01.5	to nerd out about documents, but it is an important topic, so here we are. Ha. So, Sean, how do you
1:08.6	store your documents? What are you going to do with the tax document, Sean? Yes, I'm all in your business. Okay, well, this is where I confess that my document management is one of my biggest financial and adult blind spots. I'm embarrassed to admit that I have been keeping my documents in my nightstand for many years now, all mixed up with books I've been meaning to read and old headphones and whatever else accumulates in there.
1:33.4	And let me tell you, it is not a good look for a CFP.
1:36.5	Well, this is a no shame zone and that means this episode is for you, Sean.
1:40.4	But I will say at least they're not being stored on the kitchen counter and being decorated with food stains.
1:46.2	That may or may not be a personal story.
1:48.8	So I keep most of my documents inside of a folder tucked away somewhere in my garage
1:52.8	and some are in my bedroom wardrobe in another folder and some are in my email.
1:57.4	So this makes the timely segue into the right way to store your documents. Okay, Elizabeth,
2:02.2	I think it's good for us to outline what types of documents we're talking about to start with.
	...

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