How long is it necessary to hold on to individual or business tax-related documents? The quick answer is that it depends on the document. Generally, tax-related records should be kept three years after filing a return or three years after the tax return’s original due date, because the IRS generally has that long to commence an audit. But in some cases, the statute of limitations for commencing an audit extends beyond three years. And it’s a good idea to keep some documents for much longer. This article discusses tax-related document retention guidelines for individuals and businesses.
Will your C corp.’s buy-sell agreement produce adverse tax consequences? This blog post explores the different tax outcomes and other issues that can arise from buy-sell agreements to help you decide what is right for your business.
Here are a few key tax-related deadlines for individuals through the rest of 2017. Use this calendar and never miss a deadline again.
The 2016 tax return filing deadline for individuals is April 18, and the IRS considers a paper return to be timely filed if postmarked by midnight. If you owe tax, dropping your return, along with a check for the tax due, in a mailbox on the 18th may not be sufficient. Learn more about how you can avoid late filing penalties in this blog post.
Home ownership comes with many tax-saving opportunities to consider when filing your 2016 return or tax planning for 2017, such as property tax, mortgage interest, home-equity-debt interest and home office deductions and rental income and home-sale gain exclusions. Learn more in this blog post.
Don't miss the tax deadlines that you need to meet! This blog post lists a few key ones for businesses and other employers during the second quarter of 2017 to help you stay on top of things.
Who can take the American Opportunity tax credit? If you have a child in college, you may be eligible to claim the credit (up to $2,500) on your 2016 income tax return. Learn more about whether you qualify in this blog post.
There’s still time to make 2016 IRA contributions: The deadline is April 18. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, a 2016 contribution is likely a good idea. Learn more in this blog post.
Are you supporting an elderly parent? You might qualify for the adult dependent exemption, which allows a deduction of up to $4,050 per adult dependent claimed on your 2016 tax return. Learn more about this exemption in our latest blog post.
If last year your business made repairs to tangible property, such as buildings, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But make sure they were truly “repairs,” and not actually “improvements,” which must be depreciated over a period of years. Learn more.