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07-13-2015, 05:57 AM
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#15
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Senior Member
Join Date: Aug 2014
Location: Plant City, FL
Posts: 234
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I have a question about what retirees do when they full time with all their past tax info especially those that were self employed and have to keep all those expenses and information for their taxes from their business they filed for the past 7 years.
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Tiffin We GO
Full time since August 2015
Formerly known as Justwinginit
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07-13-2015, 10:10 AM
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#16
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Quote:
Originally Posted by Justwinginit
I have a question about what retirees do when they full time with all their past tax info especially those that were self employed and have to keep all those expenses and information for their taxes from their business they filed for the past 7 years.
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Scan it in and just keep electronic copies.
Barb
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Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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07-13-2015, 10:15 AM
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#17
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Senior Member
Newmar Owners Club Workhorse Chassis Owner
Join Date: Oct 2007
Location: Michigan
Posts: 5,692
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Congrats. Enjoy and Be Safe!
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Steve & Sally / Hudson Our Little Pom / Heidi, Houston & HiTee Forever in our Hearts
04 NEWMAR MACA 3778 W22 / 05 PT Vert
Michigan (Summer) Michigan (Winter For Now)
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07-13-2015, 06:31 PM
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#18
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Senior Member
Join Date: Aug 2013
Location: Florida
Posts: 1,111
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Quote:
Originally Posted by Barbaraok
Scan it in and just keep electronic copies. Barb
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X2
Yep, scan them in. I'm also in the process of taking all my paper pictures we found in the basement and digitize them.
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Finally!!!
Shawn and Donna
2014 Entegra Aspire 42RBQ, 2016 Mazda MX5 Miata
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07-13-2015, 09:14 PM
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#19
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Senior Member
Join Date: Aug 2014
Location: Plant City, FL
Posts: 234
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I'm talking of 7 years of receipts of expenses. I do use a program but do not have all receipts scanned for 7 years. I can scan my IRS Forms and my expenses but scan 7 years of receipts? I'd be doing that for the next 7 years LOL We are self employed and have a lot of expenses each year.
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Tiffin We GO
Full time since August 2015
Formerly known as Justwinginit
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07-14-2015, 08:25 AM
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#20
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Well you really only have 2 choices, scan them in or carry the paper with you. You've had 2 suggestions on scanning in. If you don't want to do that, at least scan in new receipts as you get them and then each year dump the oldest tax receipts. In 7 years you'll have it all digital.
Barb
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Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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07-14-2015, 09:31 PM
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#21
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Senior Member
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 19,676
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If scanning is too big of a project, can you put them in a safe deposit box and have a family member send them to you, if needed? Or just store them with the family member. Ourselves, we just carried them with us. Hopefully, yours won't be needed.
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Full-timed for 16 Years . . .
Traveled 8 yr in a 2004 Newmar Dutch Star 40' Diesel
& 8 yr in a 33' Travel Supreme 5th wheel
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07-15-2015, 09:42 AM
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#22
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Senior Member
Join Date: Aug 2014
Location: Plant City, FL
Posts: 234
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I have a program that I put my expenses in but it does show the actual invoice. I just have all the info in the computer and then print out all the expenses. But if we retire now then I have 7 years of expense invoices to retain. The tax forms isn't a problem. That can be done in a few hours. All my expenses in a report and the tax forms. It's the bulky expenses receipts that I'm having a problem with.
My kids LOL They are griping about the stuff I have to leave behind already. Maybe I'll tow a trailer on my 5er just for IRS stuff. *S* I have photos to get stored also. Looking into a photo scanner. I don't know if selling everything and going full time is worth all this work. Grrrr Can anyone say flat tax?
__________________
Tiffin We GO
Full time since August 2015
Formerly known as Justwinginit
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07-15-2015, 09:26 PM
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#23
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Senior Member
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 19,676
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Trust me. It will all be worth your efforts when you begin your new lifestyle.
I see you might be in Florida. I just did a quick 'Google' for document storage to give you another option.
http://www.flacrm.com/Document-Storage/
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Full-timed for 16 Years . . .
Traveled 8 yr in a 2004 Newmar Dutch Star 40' Diesel
& 8 yr in a 33' Travel Supreme 5th wheel
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07-16-2015, 05:09 AM
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#24
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Senior Member
Join Date: Aug 2014
Location: Plant City, FL
Posts: 234
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Quote:
Originally Posted by twogypsies
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Thank you I will check into this. I know IRS wants all receipts. Only politicians can get away with ignoring them LOL
__________________
Tiffin We GO
Full time since August 2015
Formerly known as Justwinginit
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