What to Keep and What to Toss

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The following link from Consumer Reports offers a good overview and summary table on basic record keeping and what to keep and what to toss -

http://www.consumerreports.org/cro/money/personal-investing/conquer-the-paper-piles/where-to-keep-when-to-toss-documents/index.htm

IRS Publication 552 offers a fairly concise description of the manner and types of records individuals should keep for their tax returns -

www.irs.gov/pub/irs-pdf/p552.pdf

IRS Publication 583, Starting a Business and Keeping Records is a clear consise referral source for those contemplating, starting and running a business -

http://www.irs.gov/pub/irs-pdf/p583.pdf

I don’t think I will ever be able to toss out a personal or business tax return even if the often suggested 7 seven year time-frame has passed.  For those who can, you may want to consider plucking your old W-2s and filing those away which the IRS recommends keeping until you start collecting Social Security.

The IRS also recommends keeping the following forms for all years until all distribtuions are made from your IRA(s)  – Form 5498 IRA Contribution Information, Form 1099-R Distributions from Pensions and IRAs, etc, and Form 8606, Nondeductible IRAs.  Parsing these forms and filing them from older tax returns before tosing them is likely a good idea.

Keeping it Simple

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Welcome to my Carrick Bend Advisors LLC blog/journal.  I think one of the benefits I offer my clients is that I work to get all of their investments coordinated and following a well thought out cohesive strategy.  Assets are centralized, redundant accounts are closed and all investments are viewed in an overall portfolio context.  While the problem is complex, the answer becomes clearer with simplification.

Taking this logic into our daily lives, I have some suggestions of what you can do to simplify your daily life and to help manage much of the unsolicited clutter that incessantly bombards us.

Get rid of mail order catalogs – www.catalogchoice.org
Sign up for a free account which allows you to opt out of mail order catalogs.  I have done this religiously over the past few years and it has really worked.  It has not hindered the few catalogs I do like mailed to my home.

Prevent unsolicited credit card and insurance offerings – www.optoutprescreen.com
Sponsored by the four major credit rating agencies, consumers are allowed to opt out for credit card and insurance solicitations for  5 years or permanently.  Your shredder will thank you.

Decrease unsolicited telemarketing – www.donotcall.gov
Managed by the Federal Trade Commission.  Enter your home, cell and office phone numbers.  Charitable organizations and political groups are exempt as well as businesses which you have purchased from during the past 18 months.  Still very much worth the effort.

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