Archive for the ‘Taxes’ Category

Prepare your Tax Documents

Friday, January 29th, 2010

Tax season is a big one for businesses. It means a lot of organization, a lot of tax documents, and often, a lot of questions. We’ve authored several blog posts for last year’s tax season which are still full of relevant information. To help you prepare for the upcoming tax deadlines and answer some commonly asked tax questions, we’ve provided two of our most helpful tax-related blog posts to-date.

How long should I save tax documents?

With so many tax documents piling up year to year, you may be wondering if it’s OK to throw some of these away. In truth, the answer depends on which tax documents you’re talking about. In this blog post, we outline the general rules of how long different tax documents should be saved.

Tax documents to keep for an IRS audit

An IRS audit can be a scary thing - especially when you don’t know if you’re prepared. Regain your confidence by studying this post which tells you exactly what you’ll need to fly through an audit.

Hopefully we’ve answered some questions and put some minds at ease.
OfficeDrop wishes you the best of luck this tax season.

Posted in Organization, Taxes | No Comments »

Small Business Tax Dates: W-2 and 1099 forms due January 31

Monday, January 18th, 2010

We know it isn’t fun, but staying organized for tax season can save you many hours of sorting through piles of paper and receipts come deadlines like January 31. It is usually recommended that you keep a number of categorized folders to keep all of your tax-relevant documents in check. With OfficeDrop’s online document manage system, you can do just that, except without the sharpie and paper folders. Assign digital folders and labels to keep all of your tax info organized in one electronic storage.

Scan wage records for the W-2

The W-2 form, used to return information about wages paid to employees is required of employers by January 31st. If you have a number of invoices or other documents relating to employee expenses, they can be easily scanned and organized with OfficeDrop. Once they are in your OfficeDrop account, you can organize them with labels, folders, and search all documents - giving you instant access to the resources you need for a W-2 form.

Scan non-employee invoices and more for the 1099

Also due by January 31st, the 1099 form requires information return of many expenditures besides employee wages. Information required includes: Subcontractor payment, healthcare payment, royalties, rents, and attorney fees. That’s a lot of information, so it’s imperative that you keep it all organized, and in one place. This can all be done on your OfficeDrop account.

OfficeDrop makes taxes easier

Our online document management system makes it simple to organize your tax documents, and keep them organized. Our mail-in system allows you to mail us your documents securely, and we will do all the scanning for you. Scan receipts, invoices, bills, and organize them from your account anywhere the internet is accessible. If you are uploading files already on your computer or in your email, you can now upload those documents directly to a folder or labels you have made.

If you are making tax decisions, you should consult your tax advisor since the rules change often and may be different in your are. We aren’t tax attorneys or tax advisers, so make sure you are getting the right advice for your situation.

Posted in Benefits, Taxes, document scanning service | No Comments »

Top Nine of ‘09

Wednesday, December 30th, 2009

We’re all looking forward to the New Year here at OfficeDrop, but have found ourselves thinking back on the events of the last 12 months. To bring closure to the passing year, we’ve compiled a list of the top 9 most helpful/ popular blog posts of 2009.

Our Top Nine of ‘09:

1. OfficeDrop Scans Google QR Code

Google brought about a new level of business advertising with the new QR code. We showed you how to scan your code and spread your business. You’ll be sure to see more of the QR code in 2010.

2. How Long Should I Save Tax Documents?

OfficeDrop makes storage of your tax documents easy and hassle free, but how long are you meant to hang on to this information? This post was especially popular and will become especially helpful come April.

3. Scanning Documents to OfficeDrop using Snow Leopard and Preview

Apple’s new OS made document scanning easier by allowing you to scan, view and correct files through the image preview. In this helpful blog post we provide a video informing you of how to get the most out of document scanning with Snow Leopard.

4. Steps to Create the Paperless Office

Going paperless is both productive for your office, and friendly toward the environment. In this blog post we’ve provided you with some important steps to move you in a paperless direction.

5. Count Your Documents (Series)

In our ‘count your documents’ series of blog posts, we help you answer the question “how much paper do I have?” You can use these guides to determine the paper count in your boxes, shelves, cabinets and unbound paper.

6. Online, DVD, USB, and Hard Drive: Finding the Best Storage Medium for Your Digital Documents

There are a lot of ways to store your digital documents. This post will give you a price breakdown of each option, and description of when each is most effective.

7. OfficeDrop Launches Information Site on Document Scanning Services

Some big news of ‘09 was the launch of Documentscanningservice.com. Powered by OfficeDrop, Document Scanning Service is a free resource for those who want to know all the facts on document scanning.

8. Remember Everything, including paper, with OfficeDrop and Evernote

At OfficeDrop, we are really happy to have integrated with Evernote. With OfficeDrop and Evernote, you can get to your scanned documents without an internet connection. Find out how to use OfficeDrop and Evernote!

9. OfficeDrop iPhone Interface: The other side of ubiquitous capture

These days, mobile access is huge. OfficeDrop offers a mobile optimized web page so you can access all of your documents on the go on your iphone.

Those are our top nine of ‘09. Hope you found them helpful. Let us know your thoughts on OfficeDrop, blog topics, or the past year by commenting below!

Posted in Document Management, Document Scanners, Organization, Paperless, Paperless Champions, Pixily, Product Features, Taxes, document scanning service, partnerships | 1 Comment »

How long should I save tax documents?

Thursday, February 26th, 2009

income-tax-question1In my previous post, I provided a list of basic tax documents to save just in case you were audited by the IRS. But perhaps a greater question is, “How long should I keep these basic records?”

Ah yes, that’s right, the other side of filing tax documents is filing them for the appropriate time. At irs.gov it states, “The length of time you should keep a document depends on the action, expense, or event the document records.”  Below is a  list of time limitations as they apply to income tax returns provided by the IRS:

If:

  1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
  2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
  3. You file a fraudulent return; keep records indefinitely.
  4. You do not file a return; keep records indefinitely.
  5. You file a claim for credit or refund after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
  6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
  7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Property records should be held on to indefinitely in order to prove the amount of loss or gain to the IRS if yoclimbing-a-pile-of-filesu sell said property. Life insurance policies should be saved for the length of the plan, plus three years. Keeping previously filed tax information helps when preparing future tax returns, and when necessary, making computations if you file an amended return.

As your records grow, you may consider investing in an online archival system like OfficeDrop. Time will have increased your need for space, while it may have damaged some documents. Documents like expense receipts fade and you don’t want your tax records exposed to moisture and fire. Digitizing your documents enables anytime access to your growing tax collection and eliminates possible damage from the elements. So if and when the IRS comes knocking, you’ll have the documentation you need at your fingertips.

Of course, this is complicated stuff, we’ve tried to simplify it to an extent, but please consult your tax preparer if you have any questions.

Posted in Paperless, Taxes | 2 Comments »

Tax Documents to Keep for an IRS Audit

Tuesday, February 24th, 2009

income-taxes

Hello 2009. If you haven’t already started doing so, it’s time to start preparing for the inevitable tax season. But one question on many tax-payer’s minds is, “What tax documents should I save to be prepared in case I’m audited?”

The IRS suggests we all keep basic records. “What are “basic” records?”The IRS defines these records as ones that prove your income and expenses. If you own a home or investment, your basic records should contain documents related to those items.

Income
 Expenses
Form(s) W2 Receipts
Form(s) 1099 Invoices
Form(s) K1 Canceled Checks
Bank Statements Sales Slips
Brokerage Statements Written Communications from Charities

Investment

Home
Form(s) 1099 Closing Statements
Forms(s) 2439 Proof of Payment
Brokerage Statements The Purchase and Sales Invoices
Mutual Fund Statements Insurance Records



One might also keep documentation for travel, gift, or entertainment expenses.

In my next post, I’ll discuss how long you should maintain these “basic records.” The IRS recommends keeping your records organized, filing your records according to year. You could also ship your documents to OfficeDrop and have us store them for you securely online. Finally it’s worth noting that the IRS does accept electronically scanned documents in lieu of paper records.

Of course, these are just a few of the documents you should be hanging onto, if you know of any others please let me know.


Posted in Organization, Paperless, Taxes | 2 Comments »

Copyright © 2008 Pixily. All rights reserved.

About Us | Contact Us | Help & FAQs | Security | Privacy | Blog | Terms of Use |
HACKER SAFE certified sites prevent over 99.9% of hacker crime. Powered by Amazon Web Services