September 27, 2018

Cleaning Out The Tax Files

I wish I had taken a picture of the 33-lb garbage bag filled with old receipts and invoices. I’m not even joking that it was 33-lbs. I know for a fact it was because I paid, by the pound, to have it all shredded.

Things like receipts and invoices certainly aren’t the flashy, sexy side of entrepreneurship, but they are an important part regardless. Having an organizational system that will help you keep track of these things both for your business and for your tax filings is critical.

Ultimately, I stored everything in 3-ring binders that, when that tax year was finished, were stored in a box in our shed. This past weekend I took some time to go through that box and pulled out everything that was 10 or more years old. According to the IRS, those can be safely discarded now.

It still means that there are 10 years of business paperwork in a box in my shed, but still, getting rid of those 33-lbs of old paper felt wonderful.

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