Since The Paper Tiger is a software program that helps you deal with document management and records retention, we thought this article by Ramona Creel would be a helpful checklist in addition to our blog post copied from IRS.gov.
Records Retention Guidelines
By Ramona Creel
Feel free to use this tip sheet / checklist as you tackle your own “”do-it-yourself”" organizing projects. If you would like to REPRINT or DISTRIBUTE this information, please include ‘Content provided by Ramona Creel, www.ramonacreel.com.’
BUSINESS RECORDS (KEEP FOREVER)
income tax returns
income tax payment checks
investment trade confirmations
important correspondence
legal records
retirement and pension records
CPA audit reports
annual financial statements and books of account
corporate documents (incorporation, charter, by-laws, etc.)
stock records
retirement and pension records
licenses, patents, and trademarks and registration packets
investment trade confirmations
documents substantiating fixed asset additions
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
BUSINESS RECORDS (KEEP SIX YEARS)
bank reconciliation and canceled checks
canceled payroll and dividend checks
personnel and payroll records
purchase records
sales records
travel and entertainment records
supporting documents for tax returns
property records / improvement receipts (if tax-related)
sales receipts (if tax-related)
utility records (if tax-related)
other bills (if tax-related)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
BUSINESS RECORDS (KEEP THREE YEARS)
monthly financial statements
credit card statements (for internal use)
employment applications (unless your profession requires longer)
expired insurance policies
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP FOREVER)
income tax returns
income tax payment checks
investment trade confirmations
important correspondence
legal records
retirement and pension records
CPA audit reports
note: consult your accountant before getting rid of any financial paperwork
note: please consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP SIX YEARS)
supporting documents for tax returns
accident reports and claims
medical bills (if tax-related)
property records / improvement receipts (if tax-related)
sales receipts (if tax-related)
utility records (if tax-related)
other bills (if tax-related)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
PERSONAL RECORDS (KEEP THREE YEARS)
credit card statements
medical bills (in case of insurance disputes)
utility records (for internal use)
expired insurance policies
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
SPECIAL CIRCUMSTANCES
car records (keep until the car is sold)
credit card receipts (keep until verified on your statement)
insurance policies (keep for the life of the policy)
mortgages / deeds / leases (keep 6 years beyond the agreement)
pay stubs (keep until reconciled with your W-2)
property records / improvement receipts (keep until property sold)
sales receipts (keep for life of the warranty)
stock and bond records (keep for 6 years beyond selling)
warranties and instructions (keep for the life of the product)
other bills (keep until payment is verified on the next bill)
note: consult your accountant before getting rid of any financial paperwork
note: consult your attorney before getting rid of any legal paperwork
Copyright 2000-2009 Ramona Creel — you are welcome to reprint any article, but you MUST include this resource box and a link to www.RamonaCreel.com. Ramona Creel is a Professional Organizer, NAPO Golden Circle Member, and the original founder of OnlineOrganizing. A former Social Worker, she has always enjoyed helping people find the resources and solutions they need to improve their lives. Ramona now travels the country as a full-time RVer, sharing her story of simplicity with everyone she meets. She leads by example — having worked for more than 10 years as a Professional Organizer, and having radically downsized and simplified her own life as a full-time RVer. Ramona now considers herself a “Renaissance Woman” — bringing all of her passions together into one satisfying career. As both a virtual and traveling organizer, she can create a customized organizing plan for your home or office, put on a workshop, or educate you through one of her popular teleseminars. As a simplicity coach, Ramona provides a proven program for making every area of your life a little bit easier — perfect for those who want to make the time and space to focus on their true priorities. As a Professional Photographer, Ramona captures powerful images of places and people as she travels. And as a freelance writer and blogger, she shares organizing techniques, social commentary, travel tips, and film reviews with others. You can see all these sides of Ramona — read her articles, browse through her photographs, and even hire her to help get your life in order – at www.RamonaCreel.com. You can also follow her on Twitter, check out her Facebook profile, and subscribe to her blog feeds.
Use a Category in Paper Tiger Document Management Software and Filing System when you want to group files together for a specific purpose within a Location, such as clients, tax info, financial info, purchases, medical info, human resources, marketing, training, personal, etc.
“Category” is a word or words you may use to classify groups of related folders or items. Paper Tiger allows you to file information physically one way, but easily organize files virtually in a totally different way using Categories. For example, you may use the Category “Benefits” to classify the Folders, “Bills,” “Stock Options,” and “Day Care.” The Category, “Bills” may include “Utility bills”, “Car repair bills” e.t.c. The Category “Self-Help” might include all your books that relate to self-help or motivation.
Categories offer a virtual view of your paper files or items at the click of a button. You can relate items without them being physically related! Categories are used when you want to be able to select a category to see where the items are that are for a specific purpose, such as clients, tax info, financial info, etc.
Categories establish relationships between items without having to store them in the same physical location. This strategy makes filing much easier without having to always make sure that related items are in the same place.
Make sure you always keep your physical files in sync with The Paper Tiger. When you increase the Capacity of a Location, print the corresponding number of new tabs or labels to match. Then go ahead and insert the tabs or labels into hanging folders and put in your filing cabinet so they will be ready when you need to file into them.
To edit the Capacity of a Location:
-You’ll need to click on the Locations button
-Click on the row of the Location that you need to increase capacity
-Click Edit button
-The Location wizard will pop up, click the Summary tab
-You’ll see the box for Capacity, enter the new number you want to increase it to
You can also update the Name, Review Frequency, or Notes for the location.
by David & Lorrie Goldsmith
Published 2/09
Reprinted from frogpond.com at http://www.frogpond.com/articles.cfm?articleid=dgoldsmith23
http://davidgoldsmith.com/
Finding time to plan is a Catch 22. Poorly designed systems force you to put out fires all day, leaving no time to plan. The longer you go without time-saving systems, the more problems you face, robbing you of planning time and fun time.
Saving time is like saving money. Put $2000 in your IRA from age 20 to 30, and you accumulate over $1 million in savings at retirement. Start the same retirement program at age 30, and you accumulate far less money.
Find time with good planning. If you can save only 15 minutes each day, at the end of the year you’ll have gained more than eight days of free time to spend as you choose. That’s a full vacation. Eliminate 60 wasted minutes each day…(it IS possible)…and gain an additional month of time for a vacation, a new endeavor, or to dine with your family.
Finding time is easier than you think. Here are 11 useful tips:
1. You might be the problem. Before jumping to something new, make sure that you’re using what you have properly. Plan each day the night before, not that morning when you’re already on the move. List priorities and rank them by importance of results, not urgency.
2. Delegate. For some this is difficult, but worth doing. Don’t trust that others will produce top-quality results. That’s a sign of flawed leadership. Educate others to take on responsibility and deliver results. Only keep tasks that belong to you.
3. Budget your time. Assign a realistic estimate of time for daily activities to prevent overbooking. Allow 20% to 30% of your day for the unexpected: impromptu meetings, returning phone calls. A good rule of thumb is to book only 6 hours of work for an 8-hour workday.
4. Batch similar activities to save time. If you will be conducting 10 personnel reviews, pull all 10 employee files at once. Planning in advance enables you to group similar tasks.
5. Run meetings with purpose, time limits, and focus. Use meetings to discuss ideas already thought about, not to start thinking. Exchange and benchmark progress by having participants bring completed work when they arrive. Each person should leave with an assignment due for the next meeting.
6. Turn off email pop-ups and instant messaging. They cause you to react at inopportune times. They’re no different than having someone barge into your office uninvited. When you need blocks of time, hold non-emergency interruptions and address them at your convenience.
7. Reduce interruptions from staff through strategy, systems, and education. Strategic plans set direction. Systems control flow of operations. Education produces empowered and independent employees. Jonathan Shultz of TCN Worldwide says that his job is to deliver the “vehicles for others to be successful.”
8. Take control of clutter. Trashcans and filing tools free up workspace, mental space, and time. Select a filing system based on how easy it is to find information, such as Paper Tiger Software (www.thepapertiger.com). Documents are filed by number, and numbers are retrieved in “less than 5 seconds” via software.
9. Use customer resource-management (CRM) tools such as ACT, Seibel or Goldmine software to organize digital communications. Notes taken during correspondence are available at the press of a button…no more searching through stacks of papers or file folders. But, if you have it and don’t use it, others won’t trust the system.
10. Put computer files in chronological order using a dating system. Year-month-day: February 4, 2003 reads 03-02-04. Now all 2000s group together, as do 2001s and 2002s.
11. Cut ties with negative people, especially if they’re employees. They easily suck away time. Challenged and excited people achieve more than the living dead…so do their supervisors.
There’s no substitute for great planning. Pushing off planning will bite you later, whereas great planning puts you in charge of your life. “Create” time with useful tools such as strategic and tactical planning, priority management, and systems. Strategic and tactical planning saves time and directs everyone toward the same goals. Priority management brings balance and achievement to work and personal life. Systems and procedures focus activities, maintain order, and reduce waste.
Once you’ve mastered the art of planning, you’ll need to find something to do with all that extra time.
For other articles written by David or Lorrie: http://davidgoldsmith.com/editor.php
Copyright© 2009, David and Lorrie Goldsmith. All right reserved. For information contact FrogPond at 800.704.FROG(3764) or email susie@FrogPond.com.
Welcome to Paper Tiger document management and filing system software — the software designed to help you organize the paper in your life, but also help you get organized in other areas as well, such as books, CDs, DVDs, storage boxes, etc. You will find our approach to dealing with paper not only easier than anything you’ve done before, but also, we predict, life-changing! For a glimpse of what is in store for you, we recommend previewing the video ‘What is Paper Tiger?‘, then take a look at the Getting Started Guides Steps 1-4 and the Tutorials from our Paper Tiger Desktop Video Learning Resource page. The multimedia Tutorial presentations will show you step by step how Paper Tiger file management system works. Listen and watch as the team plans their attack on the paper jungle! They will show you how to reduce your paper pile; how to organize your files; and, how to launch Paper Tiger filing system software so that your document management system will run smoothly and efficiently—not just for now, but forever! Happy paper taming!
Here are a few key terms used in Paper Tiger:
Location is a physical Location for storing Folders, such as a file cabinet or a desk drawer that relates to a Location within Paper Tiger Filing System Software.
Folder is a file folder, containing one or several related items. A hanging file folder may contain other file folders for subdividing papers or for taking files with you. “Folder” is sometimes used interchangeably with “file.”
Item Name is the descriptive name you give a Folder. “Museum Board Directory” might be the Item Name you give a Folder that contains a current phone and address list of museum board members. “Sales Reports 02” might be the Item Name you choose for a Folder containing each regional sales reports for 2002. A Folder or Item Name labeled “Warranties” might include sub-files for “Electronics,” “Major Appliances,” and “Outdoor Equipment.”
Keyword is any word, or words, in addition to the Item Name, which you associate with the contents of a Folder. Key words for your Folder, “Sales Reports 2002” might include: NW region, monthly sales, or Tom Jones. You can find any Folder quickly by entering any of the key words for the Folder, or the Item Name, into The Paper Tiger’s Find function.
Category is a word or words you may use to classify groups of related Folders. For example, you may use the Category “Benefits” to classify the Folders, “401K,” “Stock Options,” and “Day Care.” The Category, “Services,” might include Folders for “Accountant,” “Graphic Artist,” and “Organizing Consultant.”
Action Files are files you use most frequently. There are two categories of Action Files:
Temporary Action Files are files of current projects or events that will come to an end, e.g., files on a new committee assignment or presentation notes for an upcoming meeting.
Permanent Action Files are files for tasks that require ongoing action, e.g., “Call,” “Pay,” and “Write.”
Reference Files are files you need to refer to from time to time. “Auto Insurance,” “Taxes – Current Year,” and “Time Sheets” are examples of reference files.
For a sneak preview of Paper Tiger’s plan of attack, crouch low, keep a keen eye, and follow the trail markers below:
1. Establish a physical Location for your Action Files—Permanent and Temporary—and for your Reference Files. Decide how many Folders you will need, approximately, in each Location. Tiger Tip: Place your Action Files in a file drawer or desktop file holder within hand’s reach!
2. Decide what type of filing system you will use—numerical or alphabetical. We strongly recommend a numerical filing system. Files easily stay in order in your file drawer and you don’t have to create new file tabs each time you add a file folder! And, you never have to move files to make room for a new one. Just put the new file wherever you have space. The Paper Tiger will help you create and maintain either system. You may even want a numerical system in one Location and an alphabetical system in another. It’s up to you; Paper Tiger allows its users to decide!
3. Gather your hanging files and your hanging file plastic tabs. We provide pre-printed, hanging file tab inserts with our software. (See, we knew you were too busy to make them yourself, so we did it for you!) You will find tab inserts for Permanent Action Folders (e.g., Call, Write, Pay); numbered tab inserts for Temporary Action Folders (#1-60), and numbered tab inserts for Reference Folders (#1-320). Insert tabs into plastic tab holders. (If you prefer, you can create and print your own tab inserts with our software—it’s your choice.) Slip each plastic holder, with tab inserted, into the inside front slots of your hanging files. With tabs on the front of the file folder, you can drop in papers easily by pulling the file tab toward you! You can also print custom tabs from within Paper Tiger filing system software.
4. Install Paper Tiger software. Close any open Windows applications, especially anti-virus. Follow the Installation Instructions that comes with your purchase. Insert the CD-ROM into your CD-ROM drive. Click Start on the taskbar, then click Run to begin the setup. Type d:\setup.exe (if d is not your CD-ROM drive, type in the appropriate letter).
5. After viewing the tutorial, a dialog box will appear. It will ask you if you want Paper Tiger to add a new Location now. Click on Yes. The Location Wizard will appear and will take you step by step through entering your Locations into Paper Tiger. After entering each Location, a Location List window will appear. It will display all Locations entered, the capacity (number of Folders) for each, and any optional information you chose to include.
If you prefer not to view the tutorial first (ouch!), you can go directly to Paper Tiger Main Window. Click on File, then click on New. Click on Create New Location and The Location Wizard will appear.
6. Now enter Item Names for your Folders into Paper Tiger. Click the Browser button on the main toolbar. Click New on the Browser toolbar. The Item Wizard will appear. Step by step, the Item Wizard will prompt you to enter the Item Name for each Folder and any additional information you choose to include—keywords, categories, or action dates.
Each time you enter an Item Name for a Folder, Paper Tiger will automatically assign the Item Name to a numbered Folder. The total number of available Folders for any Location will correspond to the capacity you entered for each Location in the Location Wizard. (You can edit the capacity later, if for example, you want to add more Folders to a Location.)
7. After entering Item Names for your Folders, you will need to print a File Index, a report that lists, alphabetically or numerically, all Folders in a Location. Click Reports on the Main Menu bar and select File Index. A File Index Wizard will appear and will guide you through the process of tailoring this report to your needs. This will be your back-up for when you’re traveling or in the event your computer is down for any reason.
8. Now, begin filing your papers! Refer to the File Index Report to locate appropriate Folders. If you forget a file name, remember, it’s no problem! Just click the Find button on the menu bar, enter any keyword for the file, and the computer will pop up the Item Name and corresponding number for the Folder.
You are now well on your way to using a file system that takes the Aaagh! out of filing and retrieving. We will share more with you along the way, but we know you are eager to tackle the tiger, so… assume your position, and Take Charge!
The Fine Print: Our Company will proudly accept responsibility for our users’ big smiles, free time, salary raises, kudos from the boss, lowered blood pressure, or smug behavior toward those who have yet to discover this wonderful tool.
We thought the following information, taken from the Recordkeeping section of IRS.gov, would be helpful in getting organized in your paper filing system and in deciding document management retention. The Paper Tiger will help you not only keep track of your paper files, but can help you keep track of when to discard records if you remember to use the Action Date and Category sections once you’ve made your decisions in how long to keep your records.
How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3. You file a fraudulent return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.
Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the bases of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.
What should do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.
There 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:
The IRS does not require you to keep your records in a particular way. Keep them in a manner that allows you and the IRS to determine your correct tax.
You can use your checkbook to keep a record of your income and expenses. In your checkbook you should record amounts, sources of deposits, and types of expenses. You also need to keep documents, such as receipts and sales slips, that can help prove a deduction.
You should keep your records in an orderly fashion and in a safe place. Keep them by year and type of income or expense. One method is to keep all records related to a particular item in a designated envelope.
In this section you will find guidance about basic records that everyone should keep. The section also provides guidance about specific records you should keep for certain items.
Basic records are documents that everybody should keep. These are the records that prove your income and expenses. If you own a home or investments, your basic records should contain documents related to those items. Table 1 lists documents you should keep as basic records. Following Table 1 are examples of information you can get from these records.
Table 1. Proof of Income and Expense
| FOR items concerning your… | KEEP as basic records… |
| Income |
|
| Expenses |
|
| Home |
|
| Investments |
|
If you receive a Form W-2, keep Copy C until you begin receiving social security benefits. This will help protect your benefits in case there is a question about your work record or earnings in a particular year. Review the information shown on your annual (for workers over age 25) Social Security Statement.
One of your basic records is proof of payment. You should keep these records to support certain amounts shown on your tax return. Proof of payment alone is not proof that the item claimed on your return is allowable. You should also keep other documents that will help prove that the item is allowable.
Generally, you prove payment with a cash receipt, financial account statement, credit card statement, canceled check, or substitute check. If you make payments in cash, you should get a dated and signed receipt showing the amount and the reason for the payment.
If you make payments by electronic funds transfer you may be able to prove payment with an account statement.
| IF payment is by… | THEN the statement must show the… |
| Cash |
|
| Check |
|
| Debit or credit card |
|
| Electronic funds transfer |
|
| Payroll deduction |
|
This section is an alphabetical list of some items that require specific records in addition to your basic records.
If you receive or pay alimony, you should keep a copy of your written separation agreement or the divorce, separate maintenance, or support decree. If you pay alimony, you will also need to know your former spouse’s social security number. For information on alimony, see Publication 504, Divorced or Separated Individuals.
You may be able to deduct certain expenses connected with the business use of your home. You should keep records that show the part of your home that you use for business and the expenses related to that use. For information on how to allocate expenses between business and personal use, see Publication 587, Business Use of Your Home.
To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. Your records also must be able to support the amount you claim.
For a casualty loss, your records should show:
For a theft loss, your records should show:
For more information, see Publication 547, Casualties, Disasters, and Thefts. For a workbook designed to help you figure your loss, see Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property).
You must give the name, address, and taxpayer identification number for all persons or organizations that provide care for your child or dependent. You can use Form W-10, Dependent Care Provider’s Identification and Certification, or various other sources to get the information from the care provider. Keep this information with your tax records. For information on the credit, see Publication 503, Child and Dependent Care Expenses.
You must keep records to prove the contributions you make during the year. The kinds of records depend on whether the contribution is cash, noncash, or out-of-pocket expenses. For information on contributions and the records you must keep, see Publication 526, Charitable Contributions.
If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired.
You do not have to file this statement with your Form 1040 or Form 1040A, but you must keep it for your records.
If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician’s statement you are required to keep.
See Publication 524, Credit for the Elderly or the Disabled, for more information.
If you have the records to prove your expenses, you may be entitled to claim certain tax benefits for your education expenses. You may qualify to exclude from income items such as a qualified scholarship, interest on U.S. savings bonds, or reimbursement from your employer. You may also qualify for certain credits or deductions. You should keep documents such as transcripts or course descriptions that show periods of enrollment, and canceled checks and receipts that verify amounts you spent on tuition, books, and other educational expenses.
For information on qualified education expenses, see Publication 970, Tax Benefits for Education.
If you are claiming an exemption for a qualifying relative under a multiple support agreement, you must get a signed statement from all other eligible individuals who could claim the exemption. You must keep these statements in your records. For information on exemptions, see Publication 501, Exemptions, Standard Deduction, and Filing Information.
If you have employee business expenses, see Publication 463, Travel, Entertainment, Gift, and Car Expenses, for a discussion of what records to keep.
You must keep an accurate diary of your winnings and losses that includes the:
In addition to your diary, you should keep other documents. See the discussion related to gambling losses in Publication 529, Miscellaneous Deductions, for documents you should keep.
For each qualified medical expense you pay with a distribution from your HSA or MSA, you must keep a record of the name and address of each person you paid and the amount and date of the payment. For more information, see Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.
Keep copies of the following forms and records until all distributions are made from your IRA(s).
For a worksheet you can use to keep a record of yearly contributions and distributions, see Publication 590, Individual Retirement Arrangements (IRAs).
In addition to records you keep of regular medical expenses, you should keep records of transportation expenses that are primarily for and essential to medical care. You can record these expenses in a diary. You should record gas and oil expenses directly related to that transportation. If you do not want to keep records of your actual expenses, you can keep a log of the miles you drive your car for medical purposes and use the standard mileage rate. You should also keep records of any parking fees, tolls, taxi fares, and bus fares.
For information on medical expenses and the standard mileage rate, see Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit).
If you paid mortgage interest of $600 or more, you should receive Form 1098, Mortgage Interest Statement. Keep this form and your mortgage statement and loan information in your records. For information on mortgage interest, see Publication 936, Home Mortgage Interest Deduction.
You may be able to deduct qualified moving expenses that are not reimbursed. For more information on what expenses qualify and what records you need, see Publication 521, Moving Expenses.
Use the worksheet in your tax return instructions to figure the taxable part of your pension or annuity. Keep a copy of the completed worksheet until you fully recover your contributions. For information on pensions and annuities, see Publication 575, Pension and Annuity Income, or Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits.
Form(s) W-2 and Form(s) 1099-R show state income tax withheld from your wages and pensions. You should keep a copy of these forms to prove the amount of state withholding. If you made estimated state income tax payments, you need to keep a copy of the form or your check(s).
You also need to keep copies of your state income tax returns. If you received a refund of state income taxes, the state may send you Form 1099-G, Certain Government Payments.
Keep mortgage statements, tax assessments, or other documents as records of the real estate and personal property taxes you paid.
If you deducted actual state and local general sales taxes instead of using the optional state sales tax tables, you must keep your actual receipts showing general sales taxes paid.
You must keep a daily record to accurately report your tips on your return. You can use Form 4070A, Employee’s Daily Record of Tips, which is found in Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tips. For information on tips, see Publication 531, Reporting Tip Income.
You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional tax. Table 3 contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period beginning after the return was filed. Returns filed before the due date are treated as being filed on the due date.
| IF you… | THEN the period is… |
|
| 1 | Owe additional tax and (2), (3), and (4) do not apply to you |
3 years |
| 2 | Do not report income that you should and it is more than 25% of the gross income shown on your return |
6 years |
| 3 | File a fraudulent return | No limit |
| 4 | Do not file a return | No limit |
| 5 | File a claim for credit or refund after you filed your return |
Later of 3 years or 2 years after tax was paid. |
| 6 | File a claim for a loss from worthless securities |
7 years |
You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. By selecting the method that is best for you, you will have quick and easy access to tax help.
Internet. You can access the IRS website at www.irs.gov 24 hours a day, 7 days a week to:
Phone. Many services are available by phone.
Evaluating the quality of our telephone services. To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. One method is for a second IRS representative to listen in on or record random telephone calls. Another is to ask some callers to complete a short survey at the end of the call. Walk-in. Many products and services are available on a walk-in basis.
Mail. You can send your order for forms, instructions, and publications to the address below. You should receive a response within 10 days after your request is received.
DVD for tax products. You can order Publication 1796, IRS Tax Products DVD, and obtain:
Purchase the DVD from National Technical Information Service (NTIS) at www.irs.gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $5 handling fee). The price is discounted to $25 for orders placed prior to December 1, 2008. Small Business Resource Guide 2009. This online guide is a must for every small business owner or any taxpayer about to start a business. This year’s guide includes:
The information is updated during the year. Visit
www.irs.gov and enter keyword “SBRG” in the upper right-hand corner for more information.
References/Related Topics
* Publication 535, Business Expenses
* Publication 536, Net Operating Losses
* Publication 547, Casualties, Disasters, and Thefts (Business and Non-Business)
* Publication 552, Recordkeeping for Individuals
* Publication 594, The IRS Collection Process (PDF)
* Publication 583, Starting a Business and Keeping Records
* Publication 225, Farmer’s Tax Guide
* Recordkeeping
The best document management software and paper filing system product is now available for a free 10-day trial. Tens of thousands of companies, government agencies and non-profit organizations around the world use The Paper Tiger document management and filing system software to manage their office filing tasks much more productively.
Atlanta, GA (PRWEB) September 26, 2009 — The best paper filing system software product is now available for a free 10-day trial. Tens of thousands of companies, government agencies and non-profit organizations around the world use The Paper Tiger filing system software to manage their office filing tasks much more productively.
The Paper Tiger document management and filing system software is a very powerful, yet simple indexing system for office files. It works like a search engine for paper files, to help companies get and stay organized! Individuals can waste over 150 hours per year, just looking for lost information. The Paper Tiger filing system software uses the power of the computer to index the hanging file folders in office file cabinets.
Now with our 10-day free trial, everyone can easily download the software and see how it will work in their office environment without any risk. What most people do not know is that there are only 5 things they can do with a piece of paper – (1) toss it (2) stack it (3) file it alphabetically (4) scan it or (5) index it, using a product like The Paper Tiger filing system software. The paperless office never quite made it to reality. Scanning solutions are costly and very difficult to implement. Also, many documents (signed contracts, presentations, etc.) must be kept in their original paper form. Some people are uncomfortable with scanning documents (document management solutions) due to the possibility that they could lose everything in the event of a technical malfunction. For a complete list of these options and the pros and cons of each, see the Decision Guide at http://www.thepapertiger.com/decision_guide.php.
“Paper is not going away, as many people thought just a few years ago. Now, many people are looking for a better way to deal with and share the paper in their business and personal lives,” says James D. Grady, President & CEO of The Monticello Corporation, the makers of The Paper Tiger document management and filing system software. “Now with our 10-day free trial, everyone can easily download the software and see how it will work in their office environment without any risk,” remarks Mr. Grady.
For more information and to download a 10-day free trial, visit http://www.thepapertiger.com
About The Monticello Corporation, makers of The Paper Tiger document management and filing system software.
Founded in 1995, The Monticello Corporation’s mission is to enhance its customers’ business and personal effectiveness by providing the training, tools and motivation to help them solve their problems with filing and finding the paper in their lives. The company’s main product, The Paper Tiger document management and filing system software, was created as a type of inventory management system (like a chart of accounts) for physical hanging files (you know, the green, yellow, blue and red ones in your file cabinet!).
Monticello got its name from the legendary home of Thomas Jefferson, U.S. president from 1801-1809. An avid collector of books and music, Jefferson transferred his personal library of more than 6,000 volumes to the Library of Congress in 1815, doubling its size and permanently expanding the scope of its collections.
Contact:
James D. Grady
President/CEO, The Monticello Corporation
www.thepapertiger.com
Toll-free Phone: 866-701-1561
The following article by Barbara Bartlein, The People Pro, recommends The Paper Tiger filing system software!
After coaching executives for more than twenty years, it is clear that one of the greatest stumbling blocks for productivity is the difficulty successful people have in letting go. They hang on to routines, paper, people, and even meetings that suck their time, energy, and creativity. Consider:
* The average US executive wastes six weeks per year retrieving misplaced information on desks or in files. At a salary of $75,000 per year, this translates into $ 9225.
* Office workers spend 40-60% of their time working with paper. Despite visions of a paperless office, 95% of all information is still transmitted using paper.
* 80% of filed papers are never referenced again.
* Negative employees cost companies millions of dollars in lost productivity and sales.
* Of 1,037 full or part-time workers polled by Opinion Research USA, 27% ranked disorganized, rambling meetings as their top frustration.
Highly creative and energetic people seem especially prone to hang on to things and routines. After all, this was part of what made them successful. They view “stuff” as opportunity and people as resources. But sometimes it doesn’t work and the clutter, negative employee or useless routine gets in the way of attending to what is really important.
There are steps you can take to “let go” of the things in your life that are stifling your success. Some suggestions:
* Let go of perfectionism. Perfectionism is paralysis and often 80% is more than good enough. Sometimes it is better to just complete something than obsess over details that won’t make a difference. Set time limits for projects and stick to them.
* Let go of energy suckers. Get rid of negative, non-performing employees on the payroll. When management at 3M laid off the bottom 10% (the poorest performers) at one facility–their productivity skyrocketed up eighteen percent. 3M learned that negative employees not only produce less, but they also cost more. Negative employees destroy morale and turn off potential customers. As one employee said, “an energy sucker is the person you go on break with and come back more exhausted than when you left.”
* Let go of meetings. The great corporate time waster. So many meetings aren’t really necessary and too often they are poorly organized and run. Conduct training for effective meetings for all management personnel. This should include an evaluation checklist whether to have the meeting at all. Make sure that meeting organizers know how to create an agenda, start on time and keep control of the proceedings.
* Let go of filing. Make your office paperless by using some of the new on-line filing systems such as www.thepapertiger.com. Easy to implement, you can manage both paper and electronic files. It eliminates duplication of materials and does not require scanning.
* Let go of crisis management. Avoid the tyranny of the urgent so that you can focus on what is important. Often the result of someone else’s poor planning; it can result in spending most of your day putting out fires. Let co-workers know that you plan your day and don’t jump from project to project. Insist on realistic timeframes for projects.
* Let go of interruptions. Train yourself and your co-workers to stop the frequent interruptions that block creativity and “flow.” Every time you are interrupted, it will take an average of 15 minutes to get back into the task at hand. Make sure you are not interrupting yourself with frequent breaks, cups of coffee or chatting in the hall.
* Let go of useless tasks. Do you really have to do all the stuff on your “to do” list? I have seen executives typing their own letters, doing computer entry and other everyday jobs that could be easily delegated to someone else. Evaluate what you really need to do.
* Build white space in your life. UN-schedule time on your calendar and in your life to just think, read, walk, and relax. Have a weekend from time to time where you have nothing planned. Don’t schedule every hour of the day with no breathing room for the unexpected.
* Know what is draining your resources. Take a careful inventory of where your time goes and with whom. What activities/people deplete your energy? Evaluate how you can handle them differently. How do you re-charge? Structure your week with some re-charging activities such as exercise and hobbies.
* Start plugging the leaks. Start letting go of the problems areas. Get rid of clutter, let go of your bottom feeding employees and control access to your time.
Increase Your Productivity by Letting Go
According to Albert Eistein, there are three rules of work: “Out of clutter find simplicity; from discord find harmony; in the middle of difficulty lies opportunity.”
FREE E-mail newsletter, sign on at http://www.ThePeoplePro.com. Barbara Bartlein, is The People Pro, and President of Great Lakes Consulting Group, LLC, which helps companies sell more goods and services by developing people. She can be reached at 888-747-9953, by e-mail at: barb@barbbartlein.com or visit her website at http://www.ThePeoplePro.com
Barbara Bartlein, The People Pro may be contacted at http://www.ThePeoplePro.com or barb@thePeoplePro.com
This article by Meggin McIntosh, “The Ph.D. of Productivity”™ and Paper Tiger Expert, is a great start to getting your workspace organized. Meggin also recommends Paper Tiger Filing System Software for document management, and you’ve got a great plan to get everything in your life organized — it’s not just for filing paper.
I agree with the premise behind Marilyn Paul’s book title: “It’s Hard to Make a Difference When You Can’t Find Your Keys.” Your workspace (whether it’s an office, a classroom, in a school, at a university, in your home, or anywhere else) is a place where you begin and conduct some of the work that allows you to make a difference. If your workspace is filled with clutter, you are not as free to think, create, and generate ideas that will have the biggest impact.
If your office and/or classroom have become cluttered, you can use the “Method of 9,” which is 8 Containers and a List, to rid yourself of this clutter. Implementing this method of clearing the clutter gives you a way to
* Stay on task;
* Make the decisions you need to make; and
* Restore order in your workspace;
…all with the purpose of letting you
* Create an area of peaceful, predictable productivity.
To get started with the Method of 9, here’s what you need:
1. A container labeled: Trash
2. A container labeled: Belongs Elsewhere
3. A container labeled: Recycling
4. A container labeled: But I Might…
5. A container labeled: Hazardous Waste
6. A container labeled: Shred
7. A container labeled: Give Away
8. A container labeled: Keep
9. A pad of paper for your List
Get these containers labeled and get started on your cleaning & clearing activity. Figure out where you need to declutter, pick up each item that is detritus, and put it in one of the already-labeled container (or make a note about it on ‘the list.’) You’re on your way!
Don’t be discouraged; be energized because you’re making progress. Remember, it took time (and no effort) for your space to become cluttered and it will take time (and some effort) for you to clear the clutter.
© 2009 Meggin McIntosh, Ph.D., The Ph.D. of Productivity(tm). Through her company, Emphasis on Excellence, Inc., Meggin McIntosh supports smart people who want to be more productive so that they can consistently keep their emphasis on excellence. Sound interesting? It is!
**Keys to Keeping Chaos at Bay
During the “GREAT RECESSION”, as this recession is and will forever be known, many organizations saw their businesses shrink and their staff stretched to the breaking point. According the Bureau of Labor Statistics, United States Department of Labor report dated September 4, 2009 the unemployment rate in the U.S. stood at 9.7%. With fewer people to do the work, everyone left in the organization has had to work much harder to accomplish their goals, relying on systems and tools provided by the company, to make the work as easy as possible. As the nation and the world economies start to recover and we get back to business in a more normal growth-oriented mode, this is a great time to make sure that your organization, if it is not already, is streamlined and ready to do business.
Paper Tiger software can take the boring and tedious task of filing and managing the ever increasing flow of paper in your office (yes, we are all trying to rid ourselves of paper but it still keeps coming!) and almost make the process FUN and REWARDING. After the past 12-24 months of recession, who doesn’t want to make boring tasks more fun?
Now is the time to change the systems in your office that don’t work right – alphabetic filing does not work properly and breaks down very quickly. You only have 5 options with any piece of paper.
As we finally get back to some form of normal business growth, you have to maximize the use of technology to remain competitive and provide the highest level of customer service. Let Paper Tiger software handle your paper filing system – the software really works. If you are using a single-user edition, consider putting your work group on the Network Edition. The software works great when information in the office must be shared.
Now, each day, they get the pleasure of being much better organized with their paper filing. They realized that paper was not going away and that they needed a better way to deal with it. Using The Paper Tiger software each day to stay on top of things, really gives them a bit of a thrill and makes them feel good. And in today’s economy, who doesn’t need to feel just a little better each day?
Make yourself feel good by making the commitment to install, fully implement and convert to the software. Once you have it in your office, you are not likely to go back to the old methods. Filing is a difficult, but necessary, task and making it FUN! (okay, well almost fun), is really important so that you will stay on top of it and streamline your office.
Be sure and see our new What is The Paper Tiger? video.
We stand ready to help you achieve your goals!
The Paper Tiger Team
The Sermonators interview Dr. Brad Whitt from Temple Baptist Church in Simpsonville, SC
If you are a member of the clergy, this audio tells you in detail how to use The Paper Tiger software to better manage content that you use for your sermons. Use The Paper Tiger to create your own personal library. Remove or photocopy articles of interest from magazines or newspapers or print internet articles. File them now, and read them when you have time.
Ultimate Virtual Filing System For Sermon Resources (And Your Entire Office)
Note: interview regarding The Paper Tiger actually starts about 7-9 minutes into the podcast
Use The Paper Tiger to create your own personal library. Remove or photocopy articles of interest from magazines or newspapers or print internet articles. File them now, and read them when you have time.
If you are starting to use The Paper Tiger software for the first time, the first decision after naming your database is what to name the “Location.” Or maybe you’ve been using The Paper Tiger for a while and want to refine the way you’re using the software.
There is not a right or wrong way to name a Location within the software. Locations can be filing cabinets, desk drawers, bookshelves, or anywhere else you can store things sequentially. The Location name can be related to where the files are physically located. For example, Drawer 1, File Cabinet 1, Office Bookshelf, Home Bookshelf, Training Binders, Safety Deposit Box, etc.
A four-drawer file cabinet can be one location (Cabinet 1) or four locations (Drawer 1, Drawer 2, etc) or you can name them by contents, (Invoices, Clients, Financial, Presentations.)
A more simple method would be to name your locations relative to the purpose of the files, i.e., Action, Reference, Archive, etc. Your Action files should be within arms reach. (on your desk top or in a desk drawer, maybe in a tickler file system.) You can use the Category section to indicate the file contents, (Invoices, Clients, Financial, Presentations.) If you decide on this method, The Paper Tiger includes file labels to get you started – Action 1-60 and Reference 1-320.
You can create a new location when you want items to be grouped together for convenience. Also if you run out of space in your Reference location, you may want to move some files to Archive if you’re not willing to trash or recycle those files. Just note in your new Archive location within The Paper Tiger where you move the file, i.e., to attic, basement, off-site storage, or records management facility.
Whichever method you choose, keep it simple! We want to make filing fun! (well, almost fun!)
Then you can get creative and get even more organized with other Locations, such as Information only,
- Passwords
- Subscriptions for Magazines and/or Newspapers
- Account Information for Frequent Traveler, Insurance, etc.
Also see our blog on The Many Uses of The Paper Tiger for virtually unlimited Locations within The Paper Tiger.
We found this article by Kristy Nichols and thought it would be helpful to you in how to get started before implementing your files to The Paper Tiger.
A Power Process for Clearing Clutter by Kristy Nichols
Take everything OUT of your workspace. Clear it down to the bare bones – furniture and walls. Now, arrange the furniture the way you’d like, if it isn’t already. Clean everything – dust your surfaces, clean your windows, vacuum… Now go to your pile o’ shtuff that you eradicated from the room. Using a SMALL box or bag, bring items / papers back into the room a few things at a time. Put them away in your totally clean space. Have several LARGE garbage bags ready and label them Trash, Recycle, Donate, and Shred. If there isn’t a place for it in your sparkling new workspace, it goes in one of these bags. Be ruthless.
Why this works: 1. Starting from a “perfect” space, and introducing items INTO it, acts as a psychological barrier to a certain level of clutter, which you might otherwise be inclined to just accept. 2. Because you are not shuffling items from one surface to another, it is exponentially more efficient. 3. Because you started from a clean slate both physically and mentally, you will be better able to locate the items you need going forward.
Why it MUST be done in a single day: If you leave the mess you created in another part of the house, even for just a day or two, it will begin to infiltrate that aspect of your life instead… now all you’ve done is traded one cluttered area for another… ugh! (Especially bad if you extradited the office clutter to an area you’ve previously organized!!)
….So what area have YOU been turning a blind eye to for longer than you’d like to admit? Reclaim it! That’s YOUR space, YOUR energy, and YOUR life!
Have a passionate, prosperous, and powerful day!
Kristy (Nichols) http://www.thegoddesswithinmovie.com/
a.k.a. The Average Goddess
Get your FREE ebook with information like this and so much more at www.averagegoddess-freebook.com
(full article at Average Goddess blog)
There are several options for dealing with paper:
1. Trash it (come on, man – trash/recycle it) This is the best filing system ever invented. Should you ever need it again and you can find it later, then put it in ‘file 13′- the trash/recycle can.
2. Can’t trash all the paper in your life, well okay, then stack it. I know your mom told you to keep a ‘clean desk’ but if it works, why change it?
3. So if stacking is becoming a problem (either an image problem or you really are spending too much time finding stuff) and you need to look beyond the stacks for a better way! WAIT – I know what you are thinking – the alphabetic method stinks – come on, use a computer – it is the 21st century you know. Wouldn’t you like to find your paper files as fast as you find information on Google? You can spend over 150 hours per year just looking for lost information.
4. Are you still with me? Okay, you have just two options left and they both are pretty cool. The first is Scan it! If you like it, great, but realize the problems. Scanning allows you to easily share information, get rid of the paper (as long as you are not afraid of the scanning system crashing – you could lose everything!), more easily find the information you are looking for, reduce purchases for file cabinets, etc. There are many advantages, not the least of which is the office looks and feels more streamlined.
However, scanning is not without problems and it is important that you understand the risks involved before committing to this option. There are some problems with scanning – many documents cannot be easily scanned (bound material, original contracts, non-standard shapes/textures, etc.) Scanning documents can be very time consuming, and documents are stapled or bound, documents have handwritten “sticky notes” on them (sticky notes like to “stick” to scanners! and does not scan very well!), etc. Some people, even after scanning their documents, are afraid to destroy the original paper in case there is ever a problem and keep the paper in archives, thus still keeping the physical documents!
5. The final option, another cool method : ) is INDEX it! The Paper Tiger software is a very powerful, yet simple indexing system for the hanging files in your office. It works like a search engine for your paper files! It is a very simple, yet powerful concept. Keep your paper in its original form (you do not have to scan it) and use the power of the computer to quickly and easily find/share the information when you need it. This is the best of both worlds and it is why tens of thousands of companies around the world are using the product. You get all of the best things from the computer but do not have the problems of using a scanner. The software keeps from having duplicate files, files can easily be cross-referenced, and helps with staff productivity. In addition, if you have staff turnover and should lose your administrator – who would really know how everything is filed? By using The Paper Tiger software, your business will have a powerful index of all its paper document resources, and anyone can conduct a search to find a file.
Filing is a difficult, but necessary, task and making it FUN! (okay, well almost fun), is really important so that you will stay on top of it and streamline your office.
The Paper Tiger Filing software is not only a filing system for your papers, but a finding system that can be used for so many other things for which you want to keep track. See blog post link for The Many Uses of The Paper Tiger.
Be sure and see the new What is The Paper Tiger? video.
The Monticello Corporation, makers of The Paper Tiger software, has been the industry leader in paper management software for 14 years. We are offering one free copy of The Paper Tiger Professional edition to Professional Organizers and Virtual Assistants. Please contact us at sales@thepapertiger.com or 866 701-1561, extension 1 to receive your free copy.
