Tidy Up Your Financial Paperwork: A Guide to Record Retention

Now that most people have filed their 2023 tax returns, there’s no better time to organize your financial records! Even if you’ve filed for an extension, reviewing and taking inventory of what you have stored can be incredibly beneficial. It’s a great way to stay organized and prepared for the future.

Here are some tips to get started:

1. Keep What’s Essential: Retain tax returns and supporting documents for at least 3-7 years, depending on your situation.

2. Shred Outdated Documents: Safely dispose of records that are no longer needed to protect your privacy.

3. Go Digital: Consider scanning important documents and storing them securely online to save space and ensure easy access.

4. Review Regularly: Make it a habit to review and update your record-keeping system annually.

For more detailed guidelines on record retention for specific types of documents, visit DH CPA Group’s Record Retention Guidelines. Take these steps now to declutter your space and maintain a well-organized financial record-keeping system.

Happy organizing!

This post is shared by Davis & Hodgdon CPAs as a service to our clients, business associates and friends.  Recipients should not act on the information presented without seeking prior professional advice.  Additional guidance may be obtained by contacting us at 802-878-1963 (Williston) or 802.775.7132 (Rutland).