You should put your tax documents in storage and keep them organized throughout the year. This ensures everything can be found easily if you need to reference them or present them to the IRS. However, you may be using multiple receipts and papers when you file, so it can be challenging to keep them organized. Use this guide to get started.

A Guide to Storing Tax Documents

What should I keep?

Retain a copy of your most recent return and all of its supporting papers after filing. If you have other sources of income, keep any 1099 forms related to it. You should also save income statements, documents with proof of charitable giving, and any papers with information regarding your mortgage payments or student loans.

How long should I keep them?

Recently filed returns and supporting documents should be kept for at least six years, which is how long the IRS has to file an audit. If you have a more complicated situation, like if you’re claiming a loss on a bad investment, the information should be kept for at least seven years. Papers relating to real estate transactions or those regarding the purchase of a stock should be kept indefinitely.

How can I organize everything?

Place your papers in a filing cabinet to keep them organized. Group items by year and create sub-categories for different types of documents, like returns, receipts, and bank statements. Put large labels on the folders, so you can read and retrieve them easily when needed.

How can I keep my tax documents secure?

Your tax papers contain details about your government identity and account information, so they should be kept in a safe place. The filing container should be made of a secure material, like metal, and feature an internal locking mechanism for each drawer. Don’t give anyone outside of your family a key to the cabinet.

If you want an extra layer of protection for these essential documents, contact Ship Creek Storage in Anchorage, AK. This facility offers clean, secure, and dry storage units that are monitored by an on-site surveillance team. To get more information about their services and protective measures, visit the website or call (907) 276-4107.