Ok, I've read some of 9722 of the IRS about electronic storage. My idea is that my printer can scan to my computer, I can assign numbers to my receipts in the my documents and matching the numbers in my bookkeeping software, I think satisfying the indexing requirements. I have online backup, I can print the receipts at any time. Is that good enough for the IRS to throw away my receipts?
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I'm from an era (the 1970s) when tax returns were prepared by hand, in pencil, on a photocopied tax form. You calculated every form, and schedule, and the tax as well.
Now, in the 21st century, I'm scanning all client documents, and have done so since 2006, and can switch between those records and tax returns with the click of a mouse.
Having said that, I will never migrate to online only. I want my own documents to be paper and in my filing cabinets, by my side, for instant retrieval. I can resurrect a paper document faster than the most adept computer junkie today can retrieve a digital one.
Good luck with your electronic storage. -
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It would only take me five times longer to scan the receipts than to stick them in a big @$$ envelope on the top shelf of the hall closet.Originally posted by ttbtaxes View PostIf you loan someone $20 and never see them again, it was probably worth it.Comment
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I've also noticed that spilled coffee does not render a paper receipt useless.
Can't say the same for my various forms of fancy electronic storage."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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On the other hand.
The basement flood/fire/spilled coffee/tornado at the office doesn't affect the four offsite backups of every document that we have. And I'm willing to race you to the receipt from 2 seasons ago. Let alone the 6 year old tax return from which that NOL originated that we did check the box to carry over.
In fact, I'll probably have it printed off from the PDF file before you get downstairs to open the file drawer.
Just say'n...
Prior employer had a flood that got up to the second drawer on the file cabinets. Let me tell you, going into those files was a health hazard!Comment
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Thanks for the input. The general opinion would be to not be so quick to get rid of the paper receipts (for me and clients)Comment
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