Double Yellow's Company Driver to Independent Thread

I did a much better job organizing throughout the year in 2014 when it was still new & exciting.

Quicken actually does a pretty #### good job of keeping up automatically, so I can get numbers that are 95+% accurate without doing any work throughout the year. But I still have the manually enter cash receipts and reconcile the occasional bug (for example, one of my credit cards breaks down "interest paid on purchases" "interest paid on cash advances" and "total interest paid" so if there was interest paid on a purchase, there will also be total interest paid and quicken puts in 2 interest charges instead of just one).

Part of the problem with the accordion method is that so many of my bills are paperless: ITS, Bestpass, NASTC, changepoint (laundry), etc. If I get audited, I can always search through gmail and print them out, but no need to waste toner & paper until then.

 

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.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records



Not mentioned is the fact you need to keep proof of changes in basis of long-lived assets for as long as you are still depreciating (e.g. if you made an improvement to rental property 25 years ago)

 

Stupid #### like this is why I do my own taxes:






Contributing that extra $1 saves $493...