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Record Retention and It’s Importance

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 30269 Telephone: 770-487-9979 cbreeden@breedentbscpa.com. Why Should You Keep Records?.

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Record Retention and It’s Importance

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  1. 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 30269 Telephone: 770-487-9979 cbreeden@breedentbscpa.com

  2. 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.

  3. 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.

  4. 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

  5. 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.

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