80 percent of the paper that we file at work is NEVER referred to again. After one year that unnecessary document storage statistic increases to over 90 percent.
Eegads !! It’s no wonder we can’t find what we’re looking for. Use my paper retention tips to melt your paper blizzard at work and for tax-time at home.
Home Tax Audit records retention guideline tip:
Written documentation for each deduction: receipts, buy/sell/donate/yearly investment statements, 1099s and/or W-2s, credit card/bank statements & checks.
After six years; Put actual tax filing papers and any essentials (W-2s/1099s into a permanent tax records archive. For details see: http://www.abrainnewwaytowork.com/Tax-Financial-Records-Guidelines-
Then, dispose of outdated backup documentation and SHRED.
If you turn your personal tax insurance and financial record shredding over to a company — make sure they will let you watch them shred your documents.
For more tips on records retention guidelines for work and personal documentation check out: http://www.abrainnewwaytowork.com/Tax-Financial-Records-Guidelines-Tips.pdf
If you don’t need it, why not dump it?