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  • #16
    Originally posted by Cubicle View Post
    Like stated, I gather all my tax documents, 1099 (Misc, Div, etc...), mortgage tax statements, health insurance proof (whatever that form is), property tax receipts, anything I need for my taxes, a pdf of my estimated payments.... do my taxes, generate a pdf of my federal & state 1040, all schedules.... zip everything, all files, then email it to myself with a well worded subject (2019 IRS NJ Federal State 1040 all tax returns schedules documents) so I can easily know exactly what's inside. And never click the delete button. Stored under a email label/folder.

    And what else I started doing for 2018 & 2019 taxes is to attach to the email, in order:

    IRS 1040
    NJ 1040
    zip file with everything

    Because that way I can quickly & easily get to the email, & without opening the zip I can open (or online view) my return for any information I need (agi, total tax, taxable, schedule c profit, etc...). And in the body of the email I'll throw in some pertinent numbers (total income, agi, m-agi, total taxable income, total tax liability, etc...). That way I don't even have to open any attachments when I need a simple number.
    Ok, now I have a much better understanding - thank you!
    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #17
      Originally posted by Tim View Post
      Electronic filing cabinet. Where is the car title on your beater? What’s your retention policy on email for refrigerator warranties and insurance policies? How are your email folders setup?
      I do scan those into my computer as a matter of habit. But all my car titles are in the safe. Along with passport, ssn card, birth certificate, etc... Things I need paper originals for are "forever" shelf life.

      Email folders are pretty generic. I like to pepper my email subjects & body with "tags" essentially. Grammatically incorrect, but any keywords I may use in the future to find whatever it is.

      123 Fake Street Mortgage Property Closing Documents Seller's Name MonthDayYear Lawyer's Name
      "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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      • #18
        Originally posted by Cubicle View Post

        I do scan those into my computer as a matter of habit. But all my car titles are in the safe. Along with passport, ssn card, birth certificate, etc... Things I need paper originals for are "forever" shelf life.

        Email folders are pretty generic. I like to pepper my email subjects & body with "tags" essentially. Grammatically incorrect, but any keywords I may use in the future to find whatever it is.

        123 Fake Street Mortgage Property Closing Documents Seller's Name MonthDayYear Lawyer's Name
        By no means am I being critical. Simply pointing out some technical limitations of your method.
        •Your “email subjects and body tasks” are the only searchable items in your retrieval system.
        The scanned documents have to be viewed. Finding the right document and viewing it is a monumental task. It is zipped and then all the documents scanned need to be pulled up until the right item is found (if it exists at all).
        •A limited folder system greatly expands the number of items the need to be “viewed”.
        •If your “memorized file cabinet index” is unavailable, it’s questionable whether it’s possible (time/effort) for a spouse/brother/guardian/executor to print or view everything.
        The only reason I am mentioning this is because anecdotally it was worth $300k.
        I “knew” from conversation of an Inheritance. One was a spouse funds rolled into an IRA and the other was “some stocks” in an inherited brokerage account.
        You get a year end summary from brokerage, multiple account numbers. Scanned with your tax documents. In settling the estate, the attorney missed ALL accounts in the deceased name. Change of address sent all mail to a daughter in Oklahoma that did nothing since she didn’t have “authority” and it wasn’t in the will specifically.
        Finding a paper, there were 3 accounts, not one.
        Those two accounts had $300k. Only look at the paper could you see 3 separate accounts. It was a paper file. I would not have had access to the email nor unzipped everything and printed it.
        Electronic files are great for storage, but scanned copies are pretty worthless (harsh) if someone besides you has to try to find something. Alternate? Institution, account number, login and passwords for all active accounts or assets. I don’t know anyone that keeps a complete up to date list annually. The weakness is the scanned documents aren’t searchable. Opening a paper file in box “2017” is easy.

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        • #19
          If you're Mitch Hedberg then you don't need documentation for small transactions.

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          • #20
            I throw almost everything (receipts, statements, etc) through my ScanSnap ix500 which scans both sides and does OCR automatically, then stores it in a folder backed up to Dropbox almost immediately and to a local file server once a week. Every couple months I'll sort them into virtual cabinets. Electronic statements are also downloaded to the same folder. A few things like car title, passports, kids' birth certificates etc. are scanned but also kept in a safe.

            It's easily searchable, backed up in multiple locations, accessible anywhere, and doesn't require any storage space except the 6x12 inch or so spot on my desk and a small box I keep for shredding.

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            • #21
              Do the folks who save these in email worry about being hacked? Same goes for Dropbox?

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              • #22
                you guys better have strong password and two factor auth enabled for your email accounts. Also make sure your account info updated as well, address, dob etc in case of email hack and recovery etc.

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