Document storage systems are required by any company and many individuals. Storage of your documents is needed no matter where you live or where your business is. Tax records and personal documentation take up space. Finding what to keep and what to throw is a juggling act.
The worst situation is when you need to get your hands on some documents but are confronted with a mountain of paper. When there are several adults at home, this is made worse once they all have records to keep. Forget home storage and opt for document storage systems you can put in place to keep all your important documents organized and safe This saves time and effort, and you can get what you need quickly.
Salisbury storage periods for tax records
You must keep tax returns and supporting documents for a certain period after they have been filed. Here’s a short rundown on what to keep and how long to keep it. You’ll soon realize why self-storage in Salisbury, NC, is so beneficial.
- Tax returns and related financial statements for three years. Individual filers would need paperwork to prove their wages, tax deductions, and any tax credits. It may also include W-2 and 1099 forms, as well as any charitable contributions you’ve received.
- Tax filers need document storage systems for a much more extended period. If any under-reported income exceeds 25% of an individual’s gross income, the IRS recommends keeping supporting records for six years. Documents do not respond well to humidity or moisture, so climate-controlled storage is recommended.
- If you’re seeking a loss on securities or bad debt deductions, you’ll need to wait seven years. Now is the best time to store your tax documents.
Document storage systems for extended periods
Not all Salisbury residents would fall into this category, but it is something to think about. Some documents must be kept for much longer than these time limits, possibly indefinitely.
Records relating to capital assets, such as documents from a home sale or stock sale, may be required to be kept for an indefinite period. It’s a good idea to keep track of any significant home improvements that add value. Finally, keep those papers if you do not file a tax return or present a fraudulent one.
Where to find top Salisbury, NC storage units for documentation
One benefit of secure document storage systems is in case the IRS audits you. It would be much easier to prepare your tax statements or supporting documents if everything is safely stored and available.
Storage facilities allow you to take advantage of this opportunity without taking up too much room in your home. Make a fast call to Mr. Storage to find the perfect size for your document storage systems, and the pros can help come up with the right sized storage unit in your area.