Financial Advisors Say; Record Keeping Does Not Need To Be Fancy
Posted by Jody Grunden on Tue, Jan 31, 2012 @ 08:00 AM
Unless you own or operate your own business, partnership, or S corporation, recordkeeping does not have to be fancy.
Some will only use computers to store their records, while others store their receipts in a shoe box or an envelope until tax time. Though, if you do use an envelope or shoebox, to make it easier on yourself you may want to separate your records and receipts into categories and file them in labeled envelopes or folders.
If you have your own business, you might find it valuable to hire a bookkeeper or accountant
so you can spend more time on company issues.
There are many different records that you will want to keep long-term. Some non-tax records you should keep, even though they don't appear to have any use for your tax returns are:
Insurance policies:
To show whether you were to be reimbursed in case you suffer a casualty or theft loss, have medical expenses, or have certain business losses.
Records of major purchases:
In case you suffer a casualty or theft loss, contribute something of value to a charity, or sell it.
Family records:
Such as marriage licenses, birth certificates, adoption papers, divorce agreements, in case 
you need to prove change in filing status or dependency exemption claims.
Medical records:
Records that give a history of your health and any medical procedures, in case you need to prove that a certain medical expense was necessary.
These categories are the most universal and should cover most of your record-keeping needs. However, everyone's needs are unique, and there may be other records that are equally important to you.
If you would like further assistance with your record keeping or any other financial need, contact us at (260)497-9761 to speak with our trusted financial advisors.
