Know how long to keep different types of tax records and create an organized system for document storage.
I want to create a proper system for organizing and retaining my tax records. My situation: - File personal taxes: [Yes] - File business taxes: [Yes/No] - Own real estate: [Yes/No] - Have investments: [Yes/No] - Self-employed: [Yes/No] - Have employees: [Yes/No] - Claim depreciation: [Yes/No] - Have retirement accounts: [Yes/No] - International transactions: [Yes/No] Please provide: 1. General record retention periods by document type 2. How long to keep personal tax returns 3. How long to keep business records 4. Special retention rules for: - Real estate purchase/sale documents - Investment cost basis records - Retirement account contributions - Depreciation schedules - Employment records 5. When the statute of limitations extends 6. Digital vs. physical record storage 7. What can safely be discarded 8. Organizing system recommendations 9. Backup and security best practices
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