Once the taxes are filed, what happens to those papers that need to fit somewhere in your space-challenged office?
Stop & Stor reminds you of the following guidelines as offered by the Internal Revenue Service when you are thinking about what you need to keep and store, whether for your business or your personal life.
How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. Visit www. irs.gov for further information.
What should I do with my records for nontax purposes?
According to the IRS, when your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.
If I want to keep them, what is the best way to store my documents?
Anna Sandall , former Tax Researcher at The Tax Institute (http://www.hrblock.com/
“What makes the business of self-storage so interesting is that the service we provide meets so many different needs. Many often think that storage units are rented for those in transition. They are, but more and more, people are just plain running out of room and need an alternative, “ said Jeff Henick, Chief Operating officer of Stop & Stor.
Stop & Stor has many customers that use their facility to store their important business documents for example paperwork on previous clients or patient files.