Record Retention and It’s Importance By Chris D. Breeden, CPA, CGMA Breeden & Associates Tax and Business Services, LLC 277 Highway 74 North, Suite 205.

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Record Retention and It’s Importance By Chris D. Breeden, CPA, CGMA Breeden & Associates Tax and Business Services, LLC 277 Highway 74 North, Suite 205 Peachtree City, GA Telephone:

Why Should You Keep Records? Income tax preparation requires information on tax deductions; records substantiate deductions. Death, fire or theft may call for records to establish ownership; records help in estate settlement and insurance or benefit claims. Records document certain transactions; if someone makes a mistake or official records are destroyed, your records may be needed. Records could shorten the time it takes to collect insurance, military benefits, veteran’ benefits or an income tax refund. Evaluating past records provides information for planning future spending. Records provide a summary of your financial situation and can help you keep a close tab on where the money goes.

What Kind Of System Is Needed? Use a system that fits and is easy for you to understand. Decide who will take major responsibility for record keeping. Everyone should know how the record-keeping system works and how information can be found easily. Develop a regular schedule for bookkeeping and resolve to stick to it. A routine will actually reduce the amount of time you spend on record keeping. A well organized record keeping system will eliminate confusion when important papers are needed.

What Are Very Important Papers? (VIPs) Papers or records that prove ownership (such as real estate deeds, automobile titles and stock and bond certificates) Birth, marriage and death certificates Legal papers (such as divorce and property settlement papers) Contracts Household and business inventory Wills Advance directives such as living wills or durable powers of attorney or health care Anything else that would be expensive or difficult to replace

Where Should VIPs Be Stored? A safe deposit box in a financial institution or a home fireproof safe is the best place for your family’s VIPs. Papers that cannot be replaced or would be costly or troublesome to replace belong in this type of storage. A business should backup their financial data and have their backup disks stored offsite as well.