Your guide to post tax-filing record retention The ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years. Before you close this year's tax file there is still some work to do. If the IRS or state revenue department selects your return …
Month: March 2022
Homeowner Alert! Review Your Tax Forms
New tax rules are creating confusion New rules for deducting mortgage interest are causing confusion and adding additional documentation. It's more important than ever to understand the numbers on your tax forms. Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to …
Do You Need to File a Tax Return? – Getting this wrong can cost you
One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer.• Income thresholds matterIf your gross income is …
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Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out
Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good! Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form …
Continue reading Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out
Client Update Newsletter: March 2022
Here's how to avoid getting your tax return stuck at the IRS. Also read about tax tips for parents and grandparents, tips to handle rising interest rates, and why you should read the fine print! Tax season is now underway! In this month's newsletter, we share the secret to getting a quick tax refund.Also read …
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