The right recordkeeping system can help manage your tax obligations and may save you both time and money. The information in this material is not intended as tax or legal advice but it may be helpful to consider. Here are some helpful tips to consider.
Identify & Maintain
The first step is identifying the records you need to maintain. The obvious examples include leases, contracts, payroll, and personnel records as well as a range of accounting and finance information, such as invoices, receipts, checks, payables, and inventory.
These days, it’s best to consider saving your records in multiple ways, so you can attempt to have access to your most important documents on short notice. Here are some storage choices:
On the Cloud – Storing and managing records on the internet offers possible savings on software, reduces the risk of lost data, and provides access from any location.
On Your Computer – Maintaining records on your computer saves space and keeps management easy and secure. Consider backing up your files, periodically.
On Paper – It shouldn’t be your primary method, but keeping physical records in archival-grade file folders in fireproof boxes can be a good back-up system.
At the end of the day, the best recordkeeping system is what works for you and your goals. If you’re thinking about changing your filing system, let’s talk. There may be an opportunity to reevaluate your investment goals in the process.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.