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There's nothing wrong with saving your records longer than the legal limits if it gives you peace of mind and you can stand the clutter. You might consider storing some records in the cloud — remote computer storage space that you rent. Although many people keep paper records, it's also smart to have the documents converted to electronic files and stored in the cloud.
It's a good idea to have two sets, in case one is destroyed. Finally, remember that your state may have separate rules for keeping records; check with your accountant or state tax department. You are leaving AARP. Please return to AARP. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age.
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Please enable Javascript in your browser and try again. Now Reading:. Skip to header Skip to main content Skip to footer. Home taxes. When Do Monthly Payments Arrive? And Other FAQs. W-2 forms reporting income; forms showing income, capital gains, dividends and interest on investments; forms if you deducted mortgage interest; Canceled checks and receipts for charitable contributions; Records showing eligible expenses for withdrawals from health savings accounts and college-savings plans ; and Records showing contributions to a tax-deductible retirement-savings plan, such as a traditional IRA.
Most Popular. Tax Breaks. February 25, Income investors are often all about dividends, but that may not be a smart strategy for retirees. November 8, Financial Planning. October 29, If your income isn't too high, contributing to a retirement account could help you lower your tax bill now. November 11, The IRS released the standard deduction amounts for In addition to saving you money, the standard deduction amount can also tell you if you even….
What I love about this scanner is that it is easy to feed stacks of paper into. Once you have scanned your documents into the computer, they are searchable, which is helpful when you need to find old receipts or warranty information. You will also be able to scan directly to the cloud. A scanner like this excels because of its adjustable paper feeder. It makes scanning various receipts, in multiple sizes and shapes, easier.
We all want things to be quick and easy whenever possible. Plus, in the event you find yourself being audited, your digital files will be much easier to find and use to defend yourself than a box full of unorganized receipts, in my opinion.
If you need a little extra nudge to get your receipts scanned, let me tell you about my box of receipts. When I opened the box to scan and throw away the contents, a good number of my paper receipts were blank or nearly impossible to read. Your paper receipts from purchases at gas stations, or businesses that use similar printers, will not stand the test of time. After storing these receipts for years, they may not have been usable if I had needed them for an IRS audit.
The bottom line is to take the time to scan your receipts sooner rather than later. Scanning a lifetime of documents all at once can be a monumental task. Do yourself a favor and break the scanning up over time. If you have a teenager at home, consider paying the child an hourly rate to scan documents for you.
From there, try and keep up with it. I usually stick items in a pile to scan once a week or once a month. That helps keep the task manageable, and once it is scanned, you will hopefully never have to see it again. This is a BETA experience. You may opt-out by clicking here. More From Forbes. Nov 11, , am EST. Nov 10, , pm EST.
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