As you’re starting your fall clean up, you might be having flashbacks from last tax season about digging through receipts and documents trying to find information in order to file. If you’re thinking about cleaning up your files and records to make next year’s filing process a little less painful, we have some tips on what you need to keep and for how long.
As you get started, make arrangements to store everything you need to keep in a secure location – ideally a bank lock box or you may upload sensitive documents to the RJ Vault through Client Access. When you decide what you can part with, be sure to shred those items for security reasons. Keep in mind we would be happy to safely shred your unwanted documents free of charge.
Keep for 1 year:
Keep for 3 years:
Keep income tax returns:
Keep while active:
Again, permanent documents such as these can be uploaded to the RJ Vault to protect them from being lost and they are easily accessible at any time.
Once you get a system in place to purge unnecessary documents each year, finding what you need when you need it won’t be such a chore, whether it’s for tax season or preparing for a meeting with your financial advisor. If you’re ever uncertain about document retention rules, drop us a line. We’re happy to advise.
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