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:
Keep Forever:
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.
The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.This information does not purport to be a complete description of the developments referred to in this material. Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.
The Colorado Child Care Contribution Tax Credit (CCTC) was established to encourage greater private support of Colorado child care programs. For Colorado residents, the CCTC can offer significant tax savings, but you must act before the end of the year. Learn about the requirements and restrictions in this post.
Read MoreWatching the S&P 500 and its fluctuation can make people feel a little anxious. We know from studying the markets over the last 20 years that there will be highs and lows, but we also learn that market timing does not work. Read the tale in our post.
Read MoreFinancial advisor compensation is on the minds of cost-conscious investors seeking access to high-quality financial advice. In this post, learn the three most popular methods of advisor compensation, the pros and cons of each, other important factors to consider, and how M.J. Smith & Associates charges clients.
Read MoreThe Colorado Child Care Contribution Tax Credit (CCTC) was established to encourage greater private support of Colorado child care programs. For Colorado residents, the CCTC can offer significant tax savings, but you must act before the end of the year. Learn about the requirements and restrictions in this post.
Read moreWatching the S&P 500 and its fluctuation can make people feel a little anxious. We know from studying the markets over the last 20 years that there will be highs and lows, but we also learn that market timing does not work. Read the tale in our post.
Read moreThe Colorado Child Care Contribution Tax Credit (CCTC) was established to encourage greater private support of Colorado child care programs. For Colorado residents, the CCTC can offer significant tax savings, but you must act before the end of the year. Learn about the requirements and restrictions in this post.
Read more