Year-End Document Purge Service: You may not be ready to go entirely paperless, but chances are good you’re hanging on to a lot more old documents. Now is a great time to fix that. After you’ve filed your tax return, you can get serious about reducing your financial document and old records clutter by shredding and purging them. Regain your office and storage space while maintaining your document security.
Annual Document Purge
Year End document purge is a good reminder as it coincides with fiscal year end. When you make the decision that you need to purge your old records, you will need to be extra careful in selecting the right shredding service provider. You must look for how the purging is done and at what cost. Our company can help you purge your old records without purging your budget. We offer secure shredding service that meets MA Privacy law, Facta, Sox, and HIPAA
Purging Your Old Documents
The Internal Revenue Service accepts electronic records, so you can scan receipts and download documents in PDF rather than hanging on to the paper versions. Often, you don’t even need to download, now that many financial institutions offer quick access to statements online. My local bank, for example, gives free online access to my statements for the past seven years. My Electricity Provider offers the same for six to seven years, while my retirement brokerage offers free access for 10 years.
Seven is a magic number. That’s how long the IRS typically has to audit your tax return. Your biggest risk is in the first three years after a return is due; the 2010 return that’s due this April can be audited under normal circumstances until April 2014. The IRS can extend that deadline by three years, to April 2017, if it suspects you underreported your income by 25% or more. There’s no deadline if you committed fraud or failed to file a return, but we’ll assume you’re not a crook and have stayed up-to-date. If you write off a bad debt or claim a tax break for worthless securities, you need to keep proof for seven years after filing -or until April 2018, for your 2010 return.
One-Time Old Documents Purge Service
Our document purge services are perfect for one-time, quarterly, bi-yearly, or annual clean outs of files or records beyond their retention periods. We shred your documents with the highest security, at the lowest cost, and in the most efficient manner possible to give you peace of mind about your sensitive documents and information.
The best way to avoid year-end paperwork panic is to set systems in place that will eliminate unnecessary paperwork and old records, dispose of received paperwork in secure ways, and organize finances so that reviewing them is an easy task. Keep only what’s necessary and next year’s year-end paper purge will be painless. To purge your old records, give us a call (978)636-0301 or get a free Quote here