"...Continuation of "Organize your Office" series to get a Fresh Start for 2010! " 

E. Archive files - Boxed Up in Storage

At the end of each year, remove the "Working Files in File Cabinet" (see step C above) and put them into a plastic file bin.  You will use this bin to do your calculations for taxes.  When your taxes are filed, archive this file box into storage.

Plastic or Cardboard File Boxes - Annual (by Year)

Get a clear plastic stackable filing tub with a clear plastic lid.  Insert 10-20 hanging file folders (letter size) and 20+ file folders (letter size).  Get 4 pieces of letter size paper and use them as large labels.  Print the following and tape each label inside the box:

• 2009 Business (facing the front of the box)
• 2009 Personal (facing the back of the box)
• 2009 Taxes (facing the side of the box)
• 2009 Taxes (facing the side of the box)

Now, you can turn it one way and file all your business papers; turn the box around and file all your personal papers.  And with these large labels, you can stack the boxes in storage, and yet easily find the correct box when needed.

If you have not yet sorted the papers as recommended in step C "Working Files in File Cabinet", take the time now to sort into the following categories and put each into a file folder:

Personal Papers - need the following file folders:

• Receipts Paid (sort by date, vendor name, or type)
  • Cable / Internet
  • Clothing / Shoes / Jewelry
  • Consumer Goods / Electronics / Tools
  • Debts / Credit Cards
  • Dining Out
  • Furniture / Equipment
  • Gifts
  • Groceries
  • Household Misc. (toiletries etc.)
  • Investments
  • Phone
  • Recreation/Entertainment/Vacation
  • Utilities
• Medical Receipts
  • Doctor/Dentist/Optometrist etc.
  • Health Insurance
  • Medications
• Automobile Expenses (separate file for each auto)
  • Fuel
  • Loan Payments
  • Repairs & Maintenance
• Real Estate separate file for each property: Home, Vacation home/Timeshare, Rentals)
  • Income:
    • Rental Income
    • Other Income
  • Expenses:
    • Appliances & Equipment
    • Cleaning
    • HOA
    • Improvements
    • Insurance
    • Mortgage
    • Property Taxes
    • Repairs & Maintenance
• Education
  • Books & Supplies
  • College & school tuition paid
• Charitable Donations / Tithes
• Other Tax-Deductible expenses
  • Child care
  • Investments (Stocks & Bonds)
  • Losses
• Bank Statements & Checkbook Stubs
• Projects / Events

Business Papers - need the following file folders:

• Tax Return File Folder
• Income Received (sort by vendor name & date)
• Receipts Paid (sort by category below):
• Accounting/Bookkeeping
  • Ads/Marketing
  • Computer
  • Copy/Printing
  • Dues/Fees
  • Education
  • Entertainment
  • Equipment
  • Furniture/Fixtures
  • Gifts
  • Insurance
  • Legal Fees
  • Licenses
  • Mailing/Shipping
  • Miscellaneous
  • Payroll / Contractors
  • Professional Fees
  • Supplies
  • Telephone
  • Travel & Automobile
    • Car Washes
    • Cabs & Transportation
    • Toll Fares
• Mileage (Automobile)
• IRS stuff (1099s, 1098s, W-2s, quarterlies paid to IRS)
• Bank Statements & Checkbook Stubs
• Schedules / Calendars / Events / To Do Lists

This condenses all tax/important files into 1 box for the year.  Once you sort the files as shown above, they are ready to tally and to do your taxes.  You can simply take the plastic bin to your bookkeeper, or do the calculations yourself.

Once your tax filing is complete, keep each box in safe storage for 10 years.  They are labeled so they are easy to locate in your storage area.  Put all boxes into a box storage system (such as Staples Item: 502759, Model: DF-AE2M2X4BW-04).

A space-saving storage idea is to keep each box for 3 years, and then scan and store the documents on a CD while shredding the originals. 

Regina P. Brown
Broker, Realtor®, e-Pro
Author of forthcoming book, "Virtual Office Guide for Business Professionals:  Work & Profit from Home"
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice

Text copyright © 2010 R.P. Brown, All Rights Reserved