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The dreaded due date for individual tax returns in 2012 is just around the corner on April 17th.   Even in this digital age, when most of us finish our tax return, we will invariably wind up with a lot of tax paperwork lying around.  Before you shove those paper documents into a filing cabinet never to see the light of day again, here are some helpful tips about how long to keep each document type:

You should keep your tax returns forever.  Even though the Internal Revenue Service (IRS) has a statute of limitations for auditing returns of 3 years, in special circumstances, they can go back as far as you have filed!  Supporting documentation for tax returns, like mortgage statements and property tax information, can usually be discarded after 7 years.

If you have statements for the acquisition of assets, such as purchasing a home, or buying stocks, you should keep these documents until that asset is sold plus the tax period.   This means that you will need to keep the sale records for, you guessed it, 7 years.

A great resource to help figure out how long you should save specific tax records is the IRS’ Publication 552.

Once you know the retention guidelines for your documents, I am sure Innovatively Organized can think of a few ways to store all those documents without cluttering up your office!   Contact them if you need help getting your files in order now because it’ll make filing your taxes so much easier for next year.

For additional tips on organizing your documents, download our Paper Management 101 webinar or take a look at our favorite organizing products in our Amazon Store.

Here are just some of the ways this versatile product can be used:

1. Stand it upright and use it as your Action File
2. Lay it down and use it as a paper holder that doubles as a monitor stand
3. Mount it to the wall and use it as your Mail Center

How do you use 3-tier organizers?  Get yours at our Amazon store!

Abilities:

• Access, create, and edit up to 500 notes
• Once you reach this limit you can still view, delete, and sync your notes
• To continue taking and editing notes, you can upgrade OneNote Mobile for Android to unlimited use through an in-app purchase.

Great for:

• Busy professionals
• Business owners
• Researchers
• Cooks
• Parents
• Students
• Teachers

Cost: Free

Challenge:
Too much paper!  We started with an inherited office that contained a number of old files, which left little space for the introduction of new items.  By continuing to add to the amount of paper in the office, instead of removing old files from the space, the result was numerous piles of paper throughout the small office space, covering just about every available surface.

Solution:
We sorted through the paper, archived old files, cleared the vertical and horizontal surfaces, and created a new filing system.

Result:
Our client can now work in a streamlined filing system and an un-cluttered office space.  Both the walls and desktop spaces were cleared and now provide a sense of order in the office.  Files are now easily located and retrieved in mere seconds, and each piece of paper has a specific place to be returned when not in use.

View more Before and After photos on our Facebook Fan Page!

Get organized now with our Must-Have Filing Accessories Checklist!

Here are some tips for managing the piles of magazines on the coffee table:

• While reading your mag, dog ear articles, recipes, and images that you really like.  When you’re finished with the magazine, tear all of your dog-eared pages out to save, and then recycle the rest of the magazine.  
• For even better paper management, scan all of these dog-eared articles, recipes, and images so you can get rid of the paper all together!
• Recycle magazines older than one year (most of the information is now irrelevant; you can rip out favorite pages to save).  Try to recycle magazines before they pass 6 months in your home.
• If you have magazines you didn’t pull anything out of, rather than recycle them, you can donate to schools or senior centers to be used for projects or read again.
• If you want to completely rid yourself of extra magazine clutter and you have a tablet, consider signing up for the electronic version of your magazine subscriptions instead.

You’ll love it for:
•  Storing files in basements or closets
•  Stacking several boxes
•  Quickly viewing what is inside

Cost: $19.99

Available at: our Amazon store

Challenge:
Our client has been defining a new Human Resources function at her work and lacked extra time in her day to create a paper, task, and information flow. She was feeling overwhelmed with the accumulation of paper around her office.

Solution:
We worked with her to implement a paper inflow process, create paper files, and improve paper filing. First, we sorted all of the various papers in her office and created broad categories. We then used these categories to create a new filing system, and rearranged her file drawers to be more accessible. Next we reviewed all of the open projects and tasks, and created a file system prioritizing all of her open projects. We also discussed time management techniques and added blocks of time to her calendar to spend on routine tasks, making it easier to manage her day.

Result:
Our client now has a clear idea of how to sort information as it comes into her office and a designated area to delegate tasks to her part-time assistant. She can find the paper she needs quickly, and has a system in place to keep track of her various projects, as well as processing of everyday tasks. Most importantly, her desk is clear so that she can use the surface to work on projects throughout the day!

View more Before and After photos on our Facebook Fan Page!

If this scenario sounds familiar, you might be holding onto some paper for too long.  It’s great to keep records and maintain a good filing system for your important documents, but you actually only need to keep certain types of documents for a specific amount of time, and then you can let them go.  Understanding the necessary timeline for keeping documents (and destroying documents) is pivotal to maintaining good paper management.
 
Get organized now with Paper Retention Recommendations!