August 3, 2023 • 11 mins
Join Jarrod and Steve Levy, a knowledgeable CPA and JD, as they delve into the fascinating realm of record retention. Discover the surprising truth that you don't need to hoard everything indefinitely. Don't miss out on the opportunity to enhance your knowledge by clicking the link below and accessing our convenient Guide to Record Retention.
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:03):
Hello, everyone, Welcome to theMillionaire Dentist podcast, brought to you by
Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hi,and welcome back to the Millionaire Dentist.
(00:25):
I am your host, Jared Bridgeman. Casey Hires is out of town at
the moment, you know, makingsome moves and doing some deals and shaking
babies. I guess is how theysay. So today I have got a
special guest. His name is SteveLevy. We call them pipes around here
because of his magnificent singing voice.Steve, how are you great? How
are you good? Steve? Summersstarting to end here pretty soon and kids
(00:49):
are going back to school and allthat kind of stuff. Did you do
anything fun this summer? Well?I've been to some concerts, as the
pipe's nickname would lend to. Andwhat was your favorite so far? Food
fighters? I would have returned strongly. So all right, all right,
they're nice. So today you've cometo talk to us about a very very
(01:10):
I would say, sexy subject likethis one just gets people's motors running,
you know what I mean. Ohyeah, so we're talking today about record
retention. Oh there it is,I know for those listeners out there.
And uh and the topic of recordretention. Are you talking because you're you're
you're a tax guy, right,you're a CPA and a j D and
(01:33):
a overall BA. That's badass.Um. This is in terms of what
they should keep four taxes each year, really, what they should keep for
their life each year. Okay,personal business, not horde like some of
us have tended to do so.So really, so we shouldn't keep every
(01:55):
record forever. No, that wouldreally pile up and be unnecessary unless you've
got like an entire basement of thefiling cabinets or something even that you could
do use your basement for better usethan that. So, is there a
period of time you should keep recordslike five years worth, two years worth,
(02:20):
or it really depends on what itis. If we're looking at like
tax returns, that's one of thethings that we suggest that you keep forever.
Okay, if it's things like bankstatements and canceled checks and things like
that. A year is good forthat, So it varies on kind of
(02:45):
what what you've got going. Thisis all based off a little handy dandy
sheet you gave me. Sure.So the cool thing is that all make
these sheets available in a couple ofplaces for on our website for you guys
to download, probably connected to thispodcast or listening to right now, So
that'd be pretty cool. I thinkit'd be a nice thing, um for
(03:06):
you guys to take check out becausethere are quite a few, um different
things. It's like keep for oneyear, somebody keep for three slebm me
keep it for six some forever andever. Yeah. Um, A big
one would be like life insurance policies. Yeah, that's that's definitely one.
Um like for individuals, medical records, um, health insurance policies. Really
kind of big stuff. Jeff Will'scontracts, um a lot of bird to
(03:31):
deal with life and death and exactly. Okay, okay, fun fact about
you know, keeping things forever.You know, I still have my original
Social Security card. My mom whenI was a child laminated it for me.
Nice says right on the back ofthe card, do not laminate.
So that's fine. She can't readit's okay. I hope to god she
(03:53):
is not listening today, Steve.Why is it important to uh to to
clear things out, to get ridof ones that are not needed for for
long periods of time. Well,first, for space reasons, both for
business and individual you just don't need. There's a lot of documents collected as
(04:14):
you can imagine over time, andum, it can just be a drag.
It can be unsightly as things pileup in an office or a home
and it's just not needed at all, right, and it just it's time
to get rid of stuff that.It probably helps if you're organized to begin
with with them. Um. Idon't remember what show I was watching,
(04:38):
but I had the show where itwas like this guy brought it in just
a box marked twenty twenty two withevery receipt. Ever. Yeah, that's
uh, that's that's rough. Um. So we kind of discussed a little
bit of which type of records areimportant to keep forever, like life,
death, Um would I'm guessing likehouse things like deeds, would that fall
(04:58):
into that perfect as well, that'sa right one. Deeds. Medical records
in home insurance policies is another goodone. Health insurance policies initi would be
for both both individual records and business, right, Yeah, I mean that
kind of lends itself to really both. So on the business side, you've
got mortgages, you've got contracts,board of directors meetings, if you have
(05:24):
that depreciation schedules, financial statements,all the tax returns, because it's a
drag if you don't have your taxreturns handy and you have to dig those
out from maybe the irs or astate, it's a really pulling teeth and
it's incomplete too. So to havethat those tax returns complete and you can
(05:49):
store them on whatever drive you have, you don't obviously have to have them
on paper. You can scan themin store them somewhere that's secure year somewhere.
Yeah, certainly. So if you'reif you're not going to keep it
or keep your paper file somewhere,it's yeah, not next to the fireplace
(06:11):
a right, paper and fire nota good mix. So we've kind of
talked a little bit, but likewhen when is a good time? Is
it like spring cleaning that would begood certainly time uh, that you have
available to kind of go through things. I would suggest that you have a
(06:31):
certain time in the year that you'regoing to do this, because each year
is a time to see what canI get rid of this year? What
can I get rid of um that'sbeen around for three years or six years,
um? And what do I haveto keep forever? Um. So
maybe there's a great time to inthe year to really go through things on
(06:58):
a business and personal level so thatyou get into the habit of that and
don't let things pile up, whichwe all do. What the what these
things that were there, we're saying, you know you don't need to keep
forever? Do you suggest getting ridof them in a certain way? Like
do they should they be shredded?Or can you just toss them? I
(07:19):
mean, shredding is the best.You definitely don't want with security and suspicious
activity. You just don't want totake a chance because most of the time
we're talking about um, maybe pastubs, confidential things that you wouldn't want
out there. So shredding is certainlythe best route to take. UM.
(07:41):
You can have a home shredder foryour home stuff, and obviously businesses have
companies that they use for that typeof thing. So it's it's best to
be on the careful side for shreddingreally kind of confidential and proprietary types of
things. Let me ask you,Steve, you obviously to work with a
(08:03):
lot with taxes, a lot alot with our clients have when you're working
on these have you ever received thingsthat people gave you that you're like,
this is not even needed whatsoever?Oh? Yeah, well a lot of
that on the individual side tends tolean towards personal expenses which you can't write
(08:26):
off. Here's my grocery bill,ye I can I write off what I
eat? I mean, I've seenit all. It's uh, here's services
for walking my dog that hey,it helps me work, so it takes
time, It takes time away fromme having to do that. Can I
(08:48):
write it off? It feels likea business expense, Well not quite really.
Things that let lean towards what everybodyhas to go through. Eat,
drink, pay for your house,except for your mortgage, interest in real
estate tax those are there's exceptions,but for the most part, you're just
not gonna be able to deduct everythingyou spend on your personal life. It's
(09:09):
just not the case. That's whatwe got you for. Yeah, kind
of weed out that. What wedo is send organizers to our clients and
kind of show what what you hadlast year on your return. So that's
sort of focuses folks to come upwith similar items for this year as well.
Okay, so that's kind of stickingwith what we like to do,
(09:30):
which is being proactive. Absolutely right. It makes it easier for our team,
it makes it easier for the client. Things get done on a faster
pacey Steve, is there anything elseyou wanted to add to this conversation today?
I would say that just don't keepeverything. Really start getting rid of
things so that you can avoid theclutter, get more organized in your business
(09:52):
and personal life, and just rollwith that. Perfect Steve, thank you
so much for coming into today,for all the all of you people out
there that want to come and listento us chat. We are going to
be in Saint Louis and this weekactually, and after that we'll be in
Minneapolis and then from there moving onto Houston. We're gonna be all over
(10:15):
the place. It's going to bea lot of fun. Please go online
and register. You can visit fourQuadrants Advisory dot com slash events to do
that, and keep an eye outfor these what to keep cheat sheets that
Steve created for me and uh,we'll get to it. Thanks, good,
Thanks Jared. That's all the timewe have today. Thank you to
(10:35):
our guests for their insight and forsharing some really great information, and thank
you to you the listener for tuningin. The Millionaire Dentist Podcast is brought
to you by Four Quadrants Advisory tosee if they might be a good fit
for you and your practice. Goingover to four Quadrants Advisory dot com and
see why year after year they retainover ninety five percent of their clients.
Thank you again for joining us andwe'll see you next time.
Hello, everyone, Welcome to theMillionaire Dentist podcast, brought to you by
Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hi,and welcome back to the Millionaire Dentist.
(00:25):
I am your host, Jared Bridgeman. Casey Hires is out of town at
the moment, you know, makingsome moves and doing some deals and shaking
babies. I guess is how theysay. So today I have got a
special guest. His name is SteveLevy. We call them pipes around here
because of his magnificent singing voice.Steve, how are you great? How
are you good? Steve? Summersstarting to end here pretty soon and kids
(00:49):
are going back to school and allthat kind of stuff. Did you do
anything fun this summer? Well?I've been to some concerts, as the
pipe's nickname would lend to. Andwhat was your favorite so far? Food
fighters? I would have returned strongly. So all right, all right,
they're nice. So today you've cometo talk to us about a very very
(01:10):
I would say, sexy subject likethis one just gets people's motors running,
you know what I mean. Ohyeah, so we're talking today about record
retention. Oh there it is,I know for those listeners out there.
And uh and the topic of recordretention. Are you talking because you're you're
you're a tax guy, right,you're a CPA and a j D and
(01:33):
a overall BA. That's badass.Um. This is in terms of what
they should keep four taxes each year, really, what they should keep for
their life each year. Okay,personal business, not horde like some of
us have tended to do so.So really, so we shouldn't keep every
(01:55):
record forever. No, that wouldreally pile up and be unnecessary unless you've
got like an entire basement of thefiling cabinets or something even that you could
do use your basement for better usethan that. So, is there a
period of time you should keep recordslike five years worth, two years worth,
(02:20):
or it really depends on what itis. If we're looking at like
tax returns, that's one of thethings that we suggest that you keep forever.
Okay, if it's things like bankstatements and canceled checks and things like
that. A year is good forthat, So it varies on kind of
(02:45):
what what you've got going. Thisis all based off a little handy dandy
sheet you gave me. Sure.So the cool thing is that all make
these sheets available in a couple ofplaces for on our website for you guys
to download, probably connected to thispodcast or listening to right now, So
that'd be pretty cool. I thinkit'd be a nice thing, um for
(03:06):
you guys to take check out becausethere are quite a few, um different
things. It's like keep for oneyear, somebody keep for three slebm me
keep it for six some forever andever. Yeah. Um, A big
one would be like life insurance policies. Yeah, that's that's definitely one.
Um like for individuals, medical records, um, health insurance policies. Really
kind of big stuff. Jeff Will'scontracts, um a lot of bird to
(03:31):
deal with life and death and exactly. Okay, okay, fun fact about
you know, keeping things forever.You know, I still have my original
Social Security card. My mom whenI was a child laminated it for me.
Nice says right on the back ofthe card, do not laminate.
So that's fine. She can't readit's okay. I hope to god she
(03:53):
is not listening today, Steve.Why is it important to uh to to
clear things out, to get ridof ones that are not needed for for
long periods of time. Well,first, for space reasons, both for
business and individual you just don't need. There's a lot of documents collected as
(04:14):
you can imagine over time, andum, it can just be a drag.
It can be unsightly as things pileup in an office or a home
and it's just not needed at all, right, and it just it's time
to get rid of stuff that.It probably helps if you're organized to begin
with with them. Um. Idon't remember what show I was watching,
(04:38):
but I had the show where itwas like this guy brought it in just
a box marked twenty twenty two withevery receipt. Ever. Yeah, that's
uh, that's that's rough. Um. So we kind of discussed a little
bit of which type of records areimportant to keep forever, like life,
death, Um would I'm guessing likehouse things like deeds, would that fall
(04:58):
into that perfect as well, that'sa right one. Deeds. Medical records
in home insurance policies is another goodone. Health insurance policies initi would be
for both both individual records and business, right, Yeah, I mean that
kind of lends itself to really both. So on the business side, you've
got mortgages, you've got contracts,board of directors meetings, if you have
(05:24):
that depreciation schedules, financial statements,all the tax returns, because it's a
drag if you don't have your taxreturns handy and you have to dig those
out from maybe the irs or astate, it's a really pulling teeth and
it's incomplete too. So to havethat those tax returns complete and you can
(05:49):
store them on whatever drive you have, you don't obviously have to have them
on paper. You can scan themin store them somewhere that's secure year somewhere.
Yeah, certainly. So if you'reif you're not going to keep it
or keep your paper file somewhere,it's yeah, not next to the fireplace
(06:11):
a right, paper and fire nota good mix. So we've kind of
talked a little bit, but likewhen when is a good time? Is
it like spring cleaning that would begood certainly time uh, that you have
available to kind of go through things. I would suggest that you have a
(06:31):
certain time in the year that you'regoing to do this, because each year
is a time to see what canI get rid of this year? What
can I get rid of um that'sbeen around for three years or six years,
um? And what do I haveto keep forever? Um. So
maybe there's a great time to inthe year to really go through things on
(06:58):
a business and personal level so thatyou get into the habit of that and
don't let things pile up, whichwe all do. What the what these
things that were there, we're saying, you know you don't need to keep
forever? Do you suggest getting ridof them in a certain way? Like
do they should they be shredded?Or can you just toss them? I
(07:19):
mean, shredding is the best.You definitely don't want with security and suspicious
activity. You just don't want totake a chance because most of the time
we're talking about um, maybe pastubs, confidential things that you wouldn't want
out there. So shredding is certainlythe best route to take. UM.
(07:41):
You can have a home shredder foryour home stuff, and obviously businesses have
companies that they use for that typeof thing. So it's it's best to
be on the careful side for shreddingreally kind of confidential and proprietary types of
things. Let me ask you,Steve, you obviously to work with a
(08:03):
lot with taxes, a lot alot with our clients have when you're working
on these have you ever received thingsthat people gave you that you're like,
this is not even needed whatsoever?Oh? Yeah, well a lot of
that on the individual side tends tolean towards personal expenses which you can't write
(08:26):
off. Here's my grocery bill,ye I can I write off what I
eat? I mean, I've seenit all. It's uh, here's services
for walking my dog that hey,it helps me work, so it takes
time, It takes time away fromme having to do that. Can I
(08:48):
write it off? It feels likea business expense, Well not quite really.
Things that let lean towards what everybodyhas to go through. Eat,
drink, pay for your house,except for your mortgage, interest in real
estate tax those are there's exceptions,but for the most part, you're just
not gonna be able to deduct everythingyou spend on your personal life. It's
(09:09):
just not the case. That's whatwe got you for. Yeah, kind
of weed out that. What wedo is send organizers to our clients and
kind of show what what you hadlast year on your return. So that's
sort of focuses folks to come upwith similar items for this year as well.
Okay, so that's kind of stickingwith what we like to do,
(09:30):
which is being proactive. Absolutely right. It makes it easier for our team,
it makes it easier for the client. Things get done on a faster
pacey Steve, is there anything elseyou wanted to add to this conversation today?
I would say that just don't keepeverything. Really start getting rid of
things so that you can avoid theclutter, get more organized in your business
(09:52):
and personal life, and just rollwith that. Perfect Steve, thank you
so much for coming into today,for all the all of you people out
there that want to come and listento us chat. We are going to
be in Saint Louis and this weekactually, and after that we'll be in
Minneapolis and then from there moving onto Houston. We're gonna be all over
(10:15):
the place. It's going to bea lot of fun. Please go online
and register. You can visit fourQuadrants Advisory dot com slash events to do
that, and keep an eye outfor these what to keep cheat sheets that
Steve created for me and uh,we'll get to it. Thanks, good,
Thanks Jared. That's all the timewe have today. Thank you to
(10:35):
our guests for their insight and forsharing some really great information, and thank
you to you the listener for tuningin. The Millionaire Dentist Podcast is brought
to you by Four Quadrants Advisory tosee if they might be a good fit
for you and your practice. Goingover to four Quadrants Advisory dot com and
see why year after year they retainover ninety five percent of their clients.
Thank you again for joining us andwe'll see you next time.
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