There are a number of filing systems that office personnel use for document management. Some are, of course, more common than others. When filing solutions are chosen based simply on “tradition,” (such as the standard alphabetical filing system that has always been used), it could create problems for your company down the road. That’s why managing office documentation via an indexing system like The Paper Tiger document management software and filing system is so valuable.
In our uncertain times where layoffs are all too common, losing the one person who knows the current filing system can wreak havoc in an office. It may be that no one has a clue where things are filed and how to find them. When locating a document becomes critical, and no one remembers how it was filed, panic ensues.
The best solution to this dilemma is to set up your files using a computerized document indexing system. Once the process is complete, you’ll be thrilled with the ease of use and implementation of this common sense approach to filing. An indexing system for document management is an invaluable strategy for your business. And new office managers and filing assistants can be trained on its use in just a few minutes.
You’ll need to decide where to begin with your files, but the best place to start is obviously with the first file cabinet. You’ll need hanging files and labels on hand for each file. Having the computer and the file cabinet in the same room is the ideal way to save time going back and forth between the two.
There are many advantages to using an indexing system as opposed to a traditional filing system. One of the main reasons is the reduction in hours spent managing files. You’ll be amazed at the reduction in time employees spend searching for specific files. When you implement an indexing system for your documents, you include keywords for every file. Then when you need to search for that file, you simply enter the keyword in the computer and within seconds you know the location of that document.
Another advantage to an indexing system is the reduction in the number of duplicate files your company maintains. One main reason for duplicate files and documents comes when more than one person keeps files on hand. Since everyone has their own system for filing, it’s often difficult to locate information that someone else has filed. So duplicate files can be created, whether on purpose or inadvertently. With an indexing system to manage your files, this duplication can be eliminated.
Have you ever ran across a document that needs to be filed in more than one location? Maybe a file that relates to multiple customers. This typically means you have to make a copy of the entire file so you can store it in two (or more) locations. With an indexing system that isn’t necessary. You simply include both names in your keyword list and eliminate the need for copies.
In a traditional filing system, items are typically filed alphabetically. When you run out of room, you’re forced to shift files around to accommodate new files. This problem is also eliminated when you use an indexing system to manage your documents. There’s no need to shift or move files because they aren’t filed in alphabetical order. You can place new files in a new cabinet and still be able to locate them quickly and efficiently.
When you choose The Paper Tiger for document management needs, you install the software directly to your computer. The file itself will then guide you through every step of the installation and set-up process. You receive, literally, all the information you need to get started, including pre-printed tabs if you choose the shipping option, software, and learning materials to get you up and running right away.
You’ll also receive the support you need to get through the learning process, installation and set-up, and to any questions that may come up now or down the road.
The Paper Tiger document management software is a one-of-a-kind solution that eliminates countless hours of filing and searching for documents. The system is easy to learn and simple to use. It’s also a cinch to train others.
If your filing system is a mess, consider The Paper Tiger document management software. You’ll be thrilled you made the decision when you see the money your company saves each month in document management.
Different forms of document management solutions have been created, tried and discarded. In our high tech society, we still struggle with managing our paperwork. Many companies have tried the paperless route. They purchase expensive equipment and software to scan all their documents to give employees easy access to files and remove the bulky file drawers from the office.
But guess what happens?
Much of the paper filing must still be retained. It takes ages to scan the thousands of documents. Then employees still can’t find documents because they don’t understand the filing system created by Alice who left the company after 30 years of service!
Indexing: Card Catalog vs. Software
Fran, who knows that document indexing is the new way to file, enters the office. She immediately implements an indexing system for all new files and begins the slow process of cataloging the existing files using a card catalog system based on the old public library indexing system. Typing out cards is tedious, but Fran is committed.
Employees notice it’s easier to locate files using Fran’s card catalog system; however, the company is finding it costly to supply Fran with the assistance she needs to complete the job quickly. Now employees must determine if the file is new enough to be in the new filing system or if they will have to search through the dreaded old system.
Fran is solution-minded and searches the Internet for a way to speed up the process. She locates The Paper Tiger Document Management and Filing System software, a computer software indexing system that drastically reduces the time necessary to complete the filing transformation. Fran’s superiors are efficiency experts and instruct Fran to implement the new system immediately.
Need to Keep Files Handy
Expense is often a major reason companies are afraid to go paperless, but another reason is that they need their paper copies handy. Customers often request copies of documents and photocopies look much better than their scanned equivalents. Often it’s easier to work with the hard copy of a document than to continually click from screen to screen on a computer. Document indexing solves this problem.
With document indexing, all files can be easily categorized and located using keywords much like an Internet search engine such as Google. Document locations can be found quickly using keywords in a search tool. Files can be labeled with easy to find numbers and letters instead of clumsy words or phrases.
No More Pondering Over File Names
Traditional filing systems often use categories for naming files. Employees must determine the major category and listing for each document and file it accordingly. However, not everyone has the same sense of categorizing or the same labeling style.
John may feel a receipt for concrete should be filed under Construction Materials, while Mary believes it should be filed under Miscellaneous Purchases. When the document is filed using The Paper Tiger, both John’s and Mary’s keywords, along with many others, can be entered into the search tool so that every personality and character type in the office can quickly and easily search for—and locate—documents without assistance.
All Documents Available at All Times
Once The Paper Tiger Document Management and Filing System software is implemented, employees can locate any file at any time. It isn’t necessary for employees to wait for the file clerk to arrive to begin research or complete a task. Those who want to stay late or work on the weekend to finish up a project can do so without having to place an order to have files pulled early in the workday. What an improvement to overall work efficiency!
The Paper Tiger has many levels of use and can be as simple or as detailed as desired to fit the needs of anyone. Individuals and students as well as businesses and organizations are finding relief from the paper hassle by implementing this system of file retrieval.
Big businesses, small businesses, associations, non-profits, government, healthcare, real estate, finance/legal, and education institutions are all using The Paper Tiger document management software and indexing system to minimize the paper tasks in their offices. Even filing professionals such as Professional Secretaries International of Kansas City, Missouri use and understand the value of such an indexing system.
How Can it Help You?
In our fast paced and efficiency-driven society, time is truly of the essence. Studies show many precious hours and company dollars are wasted every day on paper searches. Minimizing this wasted time is an essential way to improve the efficiency of any organization.
Employee frustration calls for extended breaks and decreased productivity. Your company can eliminate the traditionally inefficient filing systems used for document management and enter a new era of organization and increased productivity, as others have, with a document indexing solution such as The Paper Tiger Document Management and Filing System software.
Carry your Paper Tiger File Index in a file folder in your briefcase when you are out of the office. As you collect papers, note the appropriate item name and/or file number for them on the individual papers, and you or someone else can file them when your return to the office.
Would you like to spend seven wonderful days in the British Virgin Islands? By entering the “Smooth Sailing Document Management” contest drawing, you may be able win the vacation trip of a lifetime. This contest is sponsored by The Monticello Corporation, makers of The Paper Tiger document management and filing system software, and Sail With Terry, LLC, in the British Virgin Islands.
Imagine spending seven days aboard the 51-foot sailing vessel, Mañana Maybe with a private captain. Visualize your first day as you sail into a small cove, drop anchor, take off in the dingy to find a beautiful reef to snorkel. Later in the day, you might be taking a walk on a snow-white beach, and that evening go ashore to a small charming beach bar/grill for dinner. During dinner enjoy your favorite refreshment while watching a sunset and listening to island music. And you have just finished your first of seven full days.
Modernizing your document management system using the best paper filing system software product has never been more fun…now you can take a FREE 7-day Caribbean sailing vacation in the British Virgin Islands with a private captain, when you are done! The drawing will be held during halftime of Super Bowl XLIV on February 7, 2010. The winner of the Caribbean sailing vacation will be immediately posted on The Paper Tiger website. The sailing trip for two, valued at over $4,500, can be used by the winner or given as a gift. No purchase is necessary. For details on how to enter the drawing, simply go to The Paper Tiger website, and click on Enter The Contest!
“Filing paper, document management and getting organized is a task that many people would just as soon postpone until later,” says James D. Grady, President & CEO of The Monticello Corporation, the makers of The Paper Tiger filing system software. “The prospect of going on a FREE 7-day sailing trip to the Caribbean with a private captain, can make organizing your office filing cabinets, just a little easier and more fun!” Grady continues.
The Paper Tiger 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 individuals and 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. This is a great alternative to costly scanning and imaging solutions.
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.
What most people do not know is that there are only 5 things you 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 our Document Management Decision Guide at http://www.thepapertiger.com/decision_guide.php.
For more information on The Paper Tiger filing system software and to download a 10-day FREE TRIAL, visit http://www.thepapertiger.com.
About The Monticello Corporation, makers of The Paper Tiger 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 document management. The company’s main product, The Paper Tiger 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.
www.thepapertiger.com
sales@thepapertiger.com
Toll-free Phone: 866-701-1561
About Sail With Terry LLC, owners of the 51’ sailboat Mañana Maybe.
At SailWithTerry, we provide CUSTOM sailing vacations in the British Virgin Islands (60 miles east of Puerto Rico). The custom itineraries range from high voltage and high activity to relaxing sailing with visits to world-class spas. On this sailing cruise, you set the pace and choose between a wide offering of water-based and land-based activities. The typical sailing trip includes sailing, snorkeling, diving, hiking, kayaking, exploring, relaxing and partying. A Caribbean Sailing Adventure that you will remember for a lifetime!
Captain Terry Clark
www.SailWithTerry.com
Toll-free Phone: 888-679-Sail or 888-679-7245
You must set up your printer to work with Paper Tiger document management software and filing system before you can print labels and reports. Select Printer Setup from the File menu, then select the printer you wish to use.
When you run a report, you have the option of previewing the report or printing it without previewing it. To preview the report, click the Preview button. To print your report, click the Print button. The report is printed on your printer.
To print reports or file labels, follow these steps:
1. Select Reports from the Main menu
2. Select Reports, Lists, or Labels depending on what you need to print.
Select the Reports submenu for the following options:
Select the Lists submenu for the following options:
Select the Labels sub menu for the following options:
Custom saved reports can be accessed by selecting the Saved Reports option.
| You can also click the Print button on any toolbar where it is displayed. |
The Preview displays the report exactly as it will print.
There are several options for adjusting the view in the Preview:
There are several print options in the Preview:
You can export the report to a disk file in various text formats by clicking the Export button.
Modernizing your document management system has never been more fun…now you can take a FREE 7-day Caribbean sailing vacation in the British Virgin Islands with a private captain, when you are done!
ATLANTA, GA – (PRWEB) October 16, 2009 — Using the best paper filing system software product can now get you a 7-day Caribbean sailing vacation in the British Virgin Islands aboard the 51 foot sailing vessel named the Mañana Maybe with a private captain. The Monticello Corporation, the makers of The Paper Tiger filing system software, has teamed up with Sail With Terry, LLC, in the British Virgin Islands, to provide this once-in-a-lifetime vacation. The drawing will be held during halftime of Super Bowl XLIV on February 7, 2010. The winner of the Caribbean sailing vacation will be immediately posted on The Paper Tiger website. To enter the drawing, simply go to The Paper Tiger website and enter your name and email address. The sailing trip, valued at over $4,500, can be used by the winner or given as a gift. No purchase is necessary.
“Filing paper, document management and getting organized is a task that many people would just as soon postpone until later”, says James D. Grady, President & CEO of The Monticello Corporation, the makers of The Paper Tiger filing system software. “The prospect of going on a FREE 7-day sailing trip to the Caribbean with a private captain, can make organizing a filing cabinet, just a little easier and more fun!”, Grady continues.
The Paper Tiger 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 save 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. This is a great alternative to costly scanning and imaging solutions.
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.
What most people do not know is that there are only 5 things you 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 our Decision Guide at http://www.thepapertiger.com/decision_guide.php.
For more information on The Paper Tiger filing system software and to download a 10-day FREE TRIAL, visit http://www.thepapertiger.com
About The Monticello Corporation, makers of The Paper Tiger 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 document management. The company’s main product, The Paper Tiger 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
About Sail With Terry LLC, owners of the 51’ sailboat Mañana Maybe.
At SailWithTerry we provide CUSTOM sailing vacations in the British Virgin Islands (60 miles east of Puerto Rico). The custom itineraries range from high voltage and high activity to relaxing sailing with visits to world-class spas. On this sailing cruise you set the pace and choose between a wide offering of water-based and land-based activities. The typical sailing trip includes sailing, snorkeling, diving, hiking, kayaking, exploring, relaxing and partying. A Caribbean Sailing Adventure that you will remember for a lifetime.
Contact:
Captain Terry Clark
www.SailWithTerry.com
Toll-free Phone: 888-679-Sail or 888-679-7245
# # #
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
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