Seasonal Events | April 27, 2018
If you’re reading this, congratulations! You survived tax season. So, what’s next? Well, it’s time to start taking baby steps towards getting your documents ready for next tax season. And how do I do that? Well, you can start by properly storing your documents, so you will have them next year.
When it comes to deciding which documents you should keep, it generally depends on both the documents filed and your tax situation. Even though the IRS only requires you to hold onto your tax documents for until the end of the statute of limitations, you will never regret holding onto them indefinitely. While it is extremely rare, a situation may arise in the future where you are required to prove your employment, residency or income.
As a caveat, if you didn’t file a return for any given year or you filed a fraudulent return, it is important to keep your taxation records indefinitely. This is obviously not a situation you should aim for.
The period of time you are required to hold onto documents depends on your taxation situation. Below, you will find some common tax situations:
When storing your documents, there is a fine balance between storing them in a location where you will not lose them and storing them in a location where hackers and scammers can’t get access to them. It seems like every time you turn on the television you hear about a major company getting hacked, and millions of people’s personal information getting leaked. This has led to a lot of skepticism around storing personal information online or in the cloud. Instead, consider storing your documents in a storage unit.
When storing your documents, it’s important to use a climate controlled storage unit. ezStorage has storage units that can control the climate, ideal for the storage of sensitive documents. We have storage facilities with climate controlled storage units in the Baltimore, MD, Columbia, MD and Washington, DC area. Contact us to rent a self storage unit today!