How To Handle Your Paper Business Documents
In this digital age, most of your business documents are stored in your computer files or online. You are undoubtedly taking precautions to keep those records safe from hackers and careless employees. Of course, you still need to keep physical copies of some documents, and finding room for them while keeping them secure can be problematic. You can solve this problem by renting a secure storage space.
According to the IRS, you need to keep a variety of paper documents to support your records, in particular, your tax returns. They suggest keeping copies of your gross receipts, which include invoices, 1099-MISC forms, and cash register tapes. You also need to keep physical records of your purchase documents such as canceled checks, credit card receipts, and invoices. In addition, you also need paper records of all your expenses, including travel, entertainment, and gifts.
Do not neglect to store records of all your assets, including documentation that pertains to real estate transactions. You also need to include documentation of your employment taxes. The IRS urges that you keep these records for at least four years. For many business owners, complying with this request requires a great deal of space. Finding a secure, off-site storage area is a practical option.
A climate controlled storage unit in a secure facility is an ideal way to store the records you need while keeping them safe. When the unit has climate control, you can be sure that your documents will not be destroyed by excess humidity. You should choose a facility that specializes in legal record storage. These facilities provide around-the-clock security, including video cameras. Only you will have the key or password needed to enter your storage unit. Unlike other firms that offer business document storage, these storage units will not mix your documents with those of other companies, eliminating the possibility of confusion and the resulting legal difficulties.
Much of modern business documentation is kept in digital form. Running a business still requires that you keep a number of paper documents, particularly to support your tax claims to the IRS. Rather than cramming these papers into the limited space your business location may offer, consider renting a storage unit that is geared to document storage. Your papers will be secure and easily accessible to you but to no one else. If you do need written proof of your transactions, you know exactly where it will be: safe and dry in a storage unit like K&L LLC Mini Storage.