The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Period of Limitations that apply to income tax returns
1. Keep records for 3 years if situations (4), (5) and (6) below do not apply to you.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5. Keep records indefinitely if you do not file a return.
6. Keep records indefinitely if you file a fraudulent return.
7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
TAX STORAGE SERVICES
Vital Valt also offers professional services for implementation of file conversions, RFID file conversions, file moves, file folder labeling, records management software and document imaging services and more…
To assist you with your tax storage files we recommend adding a Purge Date to your Color-Coded File Bar. This date will assist you with the disposal of records.
Important: One critical step to take when cleaning out financial documents is to shred them thoroughly before disposal.
File Folder Labeling
Vital Valt offers File Folder Labeling Service in your office using color code labels, bar codes, RFID and label printing software. to setup, convert or add to filing systems.
Vital Valt will work with you to analyze your current filing system and recommend a system based on requirements, needs and potential benefits.
Our File Folder Labeling Service specialist can have your labels printed and applied to new folders at the factory or apply the labels off site and deliver your completed folders to you.
File Folder Labeling Service can be custom designed to match or enhance your existing label design. Vital Valt will work with you to design an efficient filing system to help locate files faster, reduce costly misfiles and for utilizing your filing storage system properly.
Relocate your file folders from within your own office or to a new facility with Vital Valt’s Business File Folder Relocation Service for filing systems.
Vital Valt offers file transfers or file merges where we will analyze your current filing system and work with you to provide a solution.
File transfers or file merges can include adding documents to existing file folders, merging multiple file folders, purging files, pulling files, drop filing, etc. Our professional service bureau can train your staff or implement the entire project.
Label Printing Software enables you to print color coding, text and bar codes all on one easy-to-apply label, right from your own computer and any color printer. Don’t change the way your files are labeled – change the way you label your files!
Label Printing Software makes color coded labeling easy and enables you to get your folders labeled exactly the way you want with color coding.
With Label Printing Software, you can match the colors of your existing color coded system and the arrangement of the labels on the folders. With Label Printing Software, you have the option of typing in information, using a spreadsheet, or opening data files saved from your own computer system to print one or multiple labels accurately and with ease.
TAX STORAGE EQUIPMENT
If you have a hard time purging these files…
We offer many storage solutions for your tax & records:
Mobile Storage Systems
Improve productivity and performance with our intelligent high-density shelving and filing systems that optimize capacity and adapt to your business’s changing needs. By choosing the right system, you can make a positive difference to your organization. Our compact mobile and static solutions provide storage that both makes the most of your space and adapts as your needs evolve.
Static Shelving Systems
Record box shelving helps you economically retain and protect your growing records – and still retrieve needed information easily and quickly. Record box shelving can be utilized in free-standing, high pile style shelving or high density mobile storage systems.
Industrial Shelving Systems
Get the most out of every inch of your space. Stable, durable and flexible, our high-density HI-BAY shelving system can be designed to reach up to 35 feet (10.7 m) in height. Its design redefines space and cost efficiency to use on-site space for more valuable and profitable functions.
Staying on top of all your paperwork can be quite a task. Separating, organizing and filing stacks of paper documents like receipts/payments, tax information, insurance papers and other important documents can be overwhelming. Then once you have finished this time consuming task, finding an appropriate place to safely store them can be another problem.
Let Vital Valt do all of this for you.
We not only supply the storage system but the filing service as well.