About the Guest(s):

Amy Irvine is the CEO and founder of Rooted Planning Group. With years of experience in the financial planning industry, Amy is dedicated to helping individuals and families achieve their financial goals. She is known for her expertise in tax planning, retirement planning, and estate planning. Amy is passionate about educating her clients and providing them with the tools and resources they need to make informed financial decisions.

Episode Summary:

In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, shares valuable insights on organizing and decluttering your finances. With tax season in full swing, Amy provides guidance on how long to keep tax returns and supporting documents. She also discusses the importance of maintaining healthcare documents, legal documents, and other essential paperwork. Amy emphasizes the significance of securely storing important documents and suggests creating a system to easily access them when needed. Whether you're a small business owner, a homeowner, or a student, Amy offers practical advice on managing and preserving important financial records.

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If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Takeaways:

• It is recommended to keep state and federal tax returns and supporting documents for about three years. However, if you forgot to report income or have certain deductions, you may need to keep them for a longer period.
• Healthcare documents, such as Medicare notices and records related to Medicaid applications, should be kept for specific durations to support your healthcare needs.
• Legal documents, including Social Security cards, birth certificates, passports, and estate planning documents, should be stored securely. Copies of important documents should be accessible to trusted individuals, especially healthcare proxies and power of attorney documents.
• Debt and asset-related documents, such as investment account statements and loan documents, should be retained for specific periods. Keeping track of cost basis for investments and maintaining records of home office expenses are crucial for tax purposes.
• Property-related documents, such as deeds, settlement statements, and insurance policies, should be kept permanently. Additionally, maintaining records of completed coursework and employment contracts is essential.

Notable Quotes:

1. "If you think you forgot income to report, then if it's more than 25% of your gross income, you want to keep six years." - Amy Irvine
2. "If you have estate planning documents, such as a will, a trust, a power of attorney, a healthcare proxy, a living will, any beneficiary designation, store those originals." - Amy Irvine
3. "If you're a small business owner, you want to keep a copy of your federal Ein number. This is something you should keep permanently in a secure location." - Amy Irvine
4. "If you have any home improvements, keep receipts or a ledger that documents those because you may be able to adjust up your cost basis of your property if you ever sell the property in the future." - Amy Irvine
5. "If you're currently employed, keep any contract signed, including non-solicit, non-compete agreements." - Amy Irvine

Resources:

• Rooted Planning Group

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.