Hi Everyone. Well, after 15 years the RV-Dreams Community Forum is coming to an end. Since it began in August 2005, we've had 58 Million page views, 124,000 posts, and we've spent about $15,000 to keep this valuable resource for RVers free and open. But since we are now off the road and have settled down for the next chapter of our lives, we are taking the Forum down effective June 30, 2021. It has been a tough decision, but it is now time.


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RV-Dreams.com Home -> RV-Dreams Community Forum -> We've Made The Decision To Full-time! Now What? -> Tax-related records?
Post Info TOPIC: Tax-related records?
RVRon


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While in the process of cleaning out our "stuff" to get us closer to full timing we hit a roadblock when we looked at the multiple boxes of tax-related records.  I believe it's recommended to keep anything that you might need for an IRS audit for 7 years but we really don't want to have anything in storage anywhere when it comes time to hit the road.  Does anyone have any recommendations on what to do with these items?

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Ron and Joan
2005 Itasca Sunova 34A
2004 Jeep Grand Cherokee Overland

Fulltiming since 3/28/12

"With change comes opportunity"
janni


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We have all of ours with us in a storage tote. Guess there was a couple things we just couldn't dump. lol

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Trabuco


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You can scan them and keep them on CD. An electronic copy takes up a lot less room. You can probably get all 7 years on 1 CD.

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Ken

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RVRon


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Thanks Janni & Ken. We'd actually thought of both options and either way we'll have to go through things and save only what we think is absolutely necessary. We really don't want to take up any more space in the RV than necessary (we only have 95 cu. ft. of exterior storage). I thought of the scanning but I think we'd better start right now if we hope to get it all done by next year's target date! Maybe a combination of the 2 might work...

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Ron and Joan
2005 Itasca Sunova 34A
2004 Jeep Grand Cherokee Overland

Fulltiming since 3/28/12

"With change comes opportunity"
janni


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Now, I am no cpa or anything but I think there were a certain amount of hard copy that you have to keep so might check with IRS website to make sure.

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Terry and Jo


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Please allow me to apologize right up front, but I just can't resist this one.

Jo and I plan to be full-timing so that we can stay one step AHEAD of the government.

Seriously, though, we've done little in the way of things that end up getting us audited.  We tend to keep things as simple as possible.  Over the years, we found that itemizing on our taxes just didn't pay UNLESS those were business related.

So, in our case, seven years of taxes would fit in a manila envelope with room to spare.

Your Mileage May Vary.

Terry

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Terry and Jo

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RVRon


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Terry and Jo wrote:

Jo and I plan to be full-timing so that we can stay one step AHEAD of the government.


Well, at least I guess you could say they'd have one heck of a time catching up with you! 

Seriously though, we've never been audited but I trust the IRS (and the government as a whole for that matter) about like I trust a snake oil salesman!  I've always lived by the motto: "Prepare for the worst then hope for the best".

 



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Ron and Joan
2005 Itasca Sunova 34A
2004 Jeep Grand Cherokee Overland

Fulltiming since 3/28/12

"With change comes opportunity"
Racerguy


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Linda and I have not had enough deductions to do anything but use the standard deduction for years so like Terry our tax records are minimal.I would think electronic records would be the way to go.

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heyduke


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the tax code suggest you only need to keep records for three years but there are exceptions that suggest 7 years - check it out yourself

http://www.irs.gov/businesses/small/article/0,,id=98513,00.html

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RVRon


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heyduke wrote:

the tax code suggest you only need to keep records for three years but there are exceptions that suggest 7 years - check it out yourself

http://www.irs.gov/businesses/small/article/0,,id=98513,00.html


Thanks for the IRS link!  Looks like we don't have to keep everything for the full 7 years so there's more stuff we can toss... well actually, shred.  Fortunately, last year, with the aim of going full electronic bill paying and banking, I started to scan or save .pdf files of most everything I pay for, using Quicken.  So now I'm really looking at only 2 years of stuff to maybe save.

 



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Ron and Joan
2005 Itasca Sunova 34A
2004 Jeep Grand Cherokee Overland

Fulltiming since 3/28/12

"With change comes opportunity"
NorCal Dan


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I've been thinking of getting this product. Anybody using it?

http://www.neatco.com/

The website says it creates "IRS acceptable documents". It will scan and organize all kinds of paper items like receipts, business cards, etc. Might be just what us RV'ers need for eliminating the paper trail.

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