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Preparing Your Documents for Tax Season
Another tax season is here. Filing business tax returns is never fun but does not have to be stressful. In this blog, we offer tips for preparing your document for tax season.
1. Follow Tax Record Retention Requirements
Knowing what tax-related documents to keep, and for how long, is key. Tax records with itemized deductions should be kept for three years. You must keep real estate records for as long as you own the property. Taxable stock and mutual fund purchases should be kept for as long as you hold your investments. Check state tax record requirements with your accountant. Safe storage of your tax-related documents is also a must. A records storage provider bar codes your tax records and stores them in a secure records center records center where they are professionally managed, tracked and protected from unauthorized access.
2. Digitize Tax Records
Digital tax records are more accessible than paper tax records. A document scanning provider can convert your tax documents to electronic files and add them to a web-based online image repository. This allows you to securely share your tax records with your accountant or tax preparer.
3. Preserve and Protect Your Tax Data
Backing up your tax data is just as important as filing your return on time. Tax records and supporting documents can be saved to a disk, hard drive, tape or in an electronic vault. Partnering with a data backup provider ensures safekeeping of your tax data.
4. Only Keep What Is Necessary
If you want to streamline this year’s tax filing, destroy any expired tax records so you don’t have to sift through clutter. Your shredding provider brings secure, bar-coded collection containers to your office. You can discard expired tax records in the containers without having to remove staples, paperclips, or sticky notes. When the containers are full, a uniformed and background-screened service representative scans each bar code and records the container’s fill level. They shred your documents on-site in a mobile shredding vehicle or securely transport them off-site to a shredding plant for destruction.
Follow these tips for a smooth sailing 2021 tax season.
Records Management Center provides businesses throughout Augusta, Evans, Thomson, Martinez, GA, Aiken, SC, and the Central Savannah River Area with professional shredding and destruction solutions.