Post-Tax Finances

April showers bring May flowers and also tax season. For businesses, tax season means a lot of sorting and filing paperwork. All this paperwork gives us a prime time to focus on overall wealth while also allowing time to clean out and work with important documents. Fobes’ Kate Ashford and Rania Brown give some ideas of how to do a bit of spring-cleaning this post-tax season:

  • Purging
    • Sales receipts- these be thrown away if your refund date or warranty date has expired
    • Paycheck stubs- have you compared and validated them to your W2? You’re good to toss them after that
    • Tax return- A common number is seven years for these documents but, for more complex and important documents it might be a good idea to keep them around for as long as you can.
    • Healthcare Statements- these should stay with you until you have verification that your bill has been completely taken care of.
  • Organization
    • For your most important documents it may be a good idea to get a safe deposit box and make sure they are filed away neatly.
    • Storing your documents digitally can also be a great idea for backup. Having both a hard and digital copy of important documents can give you the best security in case of a computer crash, a flood, or fire.
    • The documents you’ve found that you no longer need should be shredded. Security is important and that doesn’t mean just keeping crucial documents in a safe place but also getting rid of them properly when they are no longer needed!

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