ICYMI: It’s Time to Consider Quarterly Cleanup

As we close out October, many businesses and residents are preparing to close out the final quarter of the year. Here’s how Legal Shred can help you clean up!

The end of the quarter is upon us, and what better time of year to start cleaning out file cabinets and virtual files that have accumulated over the year? Your business is probably well into executing on its strategic plan for 2017, and you may have a good sense of your needs as you gear up for a prosperous year. Ensuring that your files and databases are thoroughly organized while purging old records is a critical, but often overlooked success factor for everyone.

Why Quarterly Cleanup Matters

Keeping your files clean on a regular basis means less mess, and quarterly cleanup is a great schedule to keep, as it happens 4 times a year. Set aside a time during each quarter to go through what needs to stay and what needs to go and deal with it accordingly.

Now represents a wonderful opportunity to clean up and perform data management on both your file cabinets and digital data.

The efficiency of your business is of paramount importance and data management, both in electronic and physical form, is an important cog in the mechanics of running smoothly.

When to Toss

In case you missed it, here are some guidelines for document retention:

  • You should hang onto bank statements for a period of 3 years if you’ve been audited by the IRS. Most banks provide online statements that you can download and save to your computer if you prefer to save some space in your home or office.
  • For tax returns, it’s a bit trickier: The IRS suggests that you “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.”
  • Real estate and other investment records should be retained for 3 years for capital gains tax purposes.

Of course, that’s only the tip of the iceberg. Read about more retention tips here.

Legal Shred works with businesses and consumers to keep offices and homes free of paper clutter, in addition to keeping identities safe and secure.

With Legal Shred, you get:

  • Complete protection of information
  • Compliance with government regulations and document destruction laws
  • Prevention of information and identity theft
  • Saved space, time, and money

Contact us today to schedule your quarterly cleanup!

Quarterly Cleanup