Keep your tax records for as long as you might be audited for a given year. Generally, that’s three years after you file the return, though the IRS has six years to audit you if you’ve omitted [...]
What records does the IRS require you keep? The IRS does not require that you keep your tax records in any particular way. The only requirement is that your records let you and the IRS [...]
On March 26, 2013, The IRS released their “Dirty Dozen Tax Scams for 2013”, and Identity Theft is at the top of their list. Our contact at the IRS today stated that they had over 1.5 [...]
April 15, 2013, is not only the filing deadline for your 2012 individual income tax return; it’s also the deadline for 2012 gift tax returns, 2012 returns for partnerships, trusts, and estates, [...]
When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea to consult your CPA when [...]
Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any [...]
If you can’t file by April 15 deadline, you can request an extension from the IRS and get until October 15, 2013, to file. The extension is automatic, meaning no explanation is necessary. But [...]
In recent months, we have seen a growing number of celebrities on TV promoting reverse mortgages. In today’s economy, many retirees are faced with mounting debt and inadequate incomes. For many, [...]
The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must withdraw from the IRA [...]
The American Taxpayer Relief Act of 2013 extended several education tax breaks. The American Opportunity Tax Credit is extended through 2017. The law provides an above-the-line deduction in [...]
