Keeping Tax Records
The IRS recommends keeping prior tax returns and supporting documents for at least 3 years. However, some documents should be kept for 7 years. When in doubt, it’s best to scan the document, then toss it away if you don’t want to keep a physical copy. Don’t we all want to be clutter free?
Tax records received every January such as W-2s, 1099s, brokerage statements and mortgage interest statements should be kept together in a file folder or 8 ½ x 11 envelope. If you have receipts for a rental property or self-employed business, keep the receipts separately in different file folders and have documentation on the business purpose of the expense. An easy way to keep your physical financial and accounting records is to keep them in an 8 ½ x 11 envelope or a storage box. When it’s time to do your taxes next April, you don’t have to look for them.
With my service, you can connect with me through Intuit Link, an online Portal, to deliver tax documents easily and securely to me. No more piles of documents sitting on your desk and waiting to be dealt with. You can also take a photo of the document and upload it via Intuit Link app from your phone. No more emails and attachments. When the tax return is complete, you can download a digital copy of it from Intuit Link. This simplifies the tax process in a secure and convenient way!