Financial Records: What to Keep & What to Toss Away

Posted by Patricia Manko on Wed, Nov 14, 2012 @ 05:59 PM

financial records resized 600There are many reasons to keep records.  In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan.  Good records will help you:

  • Identify sources of income—to separate business from non-business income & taxable from nontaxable income
  • Keep track of expenses—to see if you can claim a deduction
  • Keep track of the basis of real estate property– you need to keep records that show basis of your property
  • Prepare tax returns—good records help you to file quickly and accurately
  • Support items reported on tax returns—you must keep records in case the IRS has a question about an item on your return

 For a checklist to guide you on the disposition of your financial records, click here to read our whitepaper.

Tags: financial planning

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