New York Financial Record Storage Chart

State:
Multi-State
Control #:
US-03088BG
Format:
Word; 
Rich Text
Instant download

Description

Consider using this checklist to ensure that you are saving the right financial records for tax purposes and keeping them for an appropriate amount of time.

The New York Financial Record Storage Chart is a comprehensive document that provides a detailed overview of the various options available for storing important financial records in the state of New York. This chart serves as a valuable resource for individuals, businesses, and organizations seeking secure and reliable solutions to manage their financial documentation. There are several types of New York Financial Record Storage Charts that cater to different needs and preferences. Here are some of the common categories: 1. Physical Record Storage: This type of chart outlines providers who offer physical storage solutions for financial records. These providers have secure facilities equipped with advanced security systems, climate control, and fire suppression systems to ensure the utmost protection of sensitive documents. 2. Digital Record Storage: The chart also includes information on companies that offer digital or cloud-based record storage services. These providers utilize advanced technology to securely store financial records electronically, allowing for easy access, search, and retrieval of documents without the need for physical storage space. 3. Hybrid Record Storage: Some providers offer hybrid solutions that combine physical and digital storage. This option allows businesses to keep certain records in physical format while digitizing others for more convenient access and backup purposes. The chart highlights companies providing such hybrid storage facilities. 4. Specialized Record Storage: In addition to general financial record storage, the chart may also feature specialized providers for specific types of financial documents. These may include services explicitly tailored to store tax records, investment-related documents, accounting records, or any other specific financial documentation. Each entry in the New York Financial Record Storage Chart includes key information about the providers, such as their name, location, contact details, services offered, storage capacity, security measures, pricing, and any additional benefits they may provide. This comprehensive overview allows users to make informed decisions based on their specific storage requirements, budget, and security considerations. Overall, the New York Financial Record Storage Chart acts as a valuable resource for anyone in need of secure and reliable options for managing and storing their financial records within the state of New York.

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FAQ

One Year. Documents that fall into this category include non-tax-related bank and credit card statements, investment statements, pay stubs and receipts for large purchases.

At least One YearRetirement/ savings plan statements, Credit card records and bills are records that should be kept for at least a year.

KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.

Generally, you must keep records and supporting documents for at least three years after you file a return. Your records may be in paper or electronic format, or both. You must be able to compare records from one time period (such as month, quarter, or year) with records from another period.

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. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

Invoices, receipts, employee payroll, purchases, expenses, VAT records, tax returns and any supporting documents are all accounting records. They must be stored for at least three years.

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. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

Period of Limitations that apply to income tax returns Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. 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.

KEEP 1 YEAR Keep either a digital or hard copy of your monthly bank and credit card statements for the last year. It's a good idea to keep your digital copies stored online if you choose to go paperless.

More info

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New York Financial Record Storage Chart