Posted by ChelleCNSA on 12/29/13 11:00am
Msg #497212

EOY

Hello everyone! I'm doing my EOY paperwork/accounting and getting ready for a New Year! But, I have a few questions for the veteran signing agents/mobile notaries...keep in mind I am in VA, which doesn't require a logbook; so:::
1) how long should I keep confirmation sheets (I have in a locked file cabinet)?
2)how long should I keep the check stubs I've received (also, in locked file cabinet)?
3)Mileage log...how long?

THANK YOU FOR ADVICE!!! HAPPY NEW YEAR fellow agents

Reply by MW/VA on 12/29/13 11:24am
Msg #497217

Check the IRS website. I think the records for business

need to be kept 7 years, but I haven't looked lately.

Reply by John Tennant on 12/29/13 12:20pm
Msg #497223

Re: Check the IRS website. I think the records for business

3 years for personal records and 7 years for business records.

Reply by Linda_H/FL on 12/29/13 12:22pm
Msg #497224

And since personal ties in closely with business

I say keep 'em all for 8-10 years

Reply by ananotary on 12/29/13 1:49pm
Msg #497227

Why keep paper copies of all that? 10 years? I would need

a storage unit! Holy Cow!

Reply by Linda_H/FL on 12/29/13 1:59pm
Msg #497229

I have a large 4-drawer lateral file

and don't have the volume of work that most do. I have paper files of all confirmations, instructions, map directions and communication back to 2006 when I started together with paper copies of all tax returns. Keep in mind too that for 16 months I had full-time job and did very few signings.

Reply by John Tennant on 12/29/13 2:10pm
Msg #497232

Re: I have a large 4-drawer lateral file

I scan all of my tax supporting documents onto a removable drive. It is large enough to hold 5 years of data. The IRS, and most states only require that you can produce, or reproduce the documents on paper if needed. For me, it is the easiest way to go. JMHO

Reply by ananotary on 12/29/13 2:40pm
Msg #497237

John- exactly what I do. No need for all that paper. n/m

Reply by walthtz on 12/29/13 9:23pm
Msg #497245

Re: John- exactly what I do. No need for all that paper.

I scan all my receipts, confirms, checks & so forth.
Then every year I delete a year.
Walt

Reply by ChelleCNSA on 12/30/13 12:21am
Msg #497250

Thank you everyone for the advice & tips! I have made a spreadsheet for the accounting part, but if I need to keep for the length of time I thought (7-10 years) then the removable drive is what I'm going to have to do. Whew, that's a tremendous amount of paperwork that will get accumulated