Staying on top of paper is a 3 step process

Success depends on how you keep track of it.
Do you need help?

1. Do you handle the document only one time? 90% of all documents are merely shuffled.

2. Are you looking for that important document 5 minutes before your meeting? The method of tracking file activity. (index a list of categories for your files.)

3. What is the value of your time... time spent looking for that lost file? Companies spend $20.00 on labor to file one document.

Paper retention guidelines : What to save or shred.

• Immediately shred…credit card offers or unsolicited junk mail that include your name and address
• Within a year shred…credit card bills and bank statements once you’re payment has cleared and you’ve balanced your checkbook.
• Non tax related bills, once you know the payment was recorded
• Paycheck stubs, after you double-checked the income statement or your W-2 tax form
• Purchase receipts, unless you have a warranty or as proof of purchase for insurance
• After seven years…..shred tax returns and any supporting documents for the return. The IRS can audit a return for up to six years after it has been filed
• KEEP…. Annual retirement plan statements.
• Brokerage statements showing the purchase of securities, until you sold the securities. You’ll need these to calculate your capital gains
• Estate or legal documents, including your will, existing insurance policies and powers of attorney…

This is merely a guideline, check with your tax professional for advice