HeartWork Organizing

Helping you find peace and purpose through organization and design

Should I file bank statements into the tax section or into a month folder?* January 5, 2010

Filed under: Organizing — HeartWork Organizing @ 7:36 pm

Personal banking statements, unless required for tax purposes, may be filed into a month folder. The light-blue Tax section is for accumulating all documents that you will need to refer to when filling out your tax return OR any documents that you need as proof to the IRS of your tax deductions and income. These may include end-of-year statements, or any personal account statements if necessary to justify your tax return. As an added safeguard, you may deliberately file all your bank statements with your tax documents, thus retaining them for ten years. See label sheet 2A in your FreedomFiler kit for necessary labels.

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* While FreedomFiler® provides a method of automatic purging which eliminates the need to review files, you must ultimately decide which documents are kept two years, ten years, or indefinitely. FreedomFiler® and HeartWork Organizing  is not liable under any circumstances for claims of loss or damage arising from suggested document retention guidelines. Consult a professional advisor to determine your specific document retention needs and adapt your system accordingly.


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