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How Long To Keep Your Tax Records

how long to keep taxesHow Long To Keep Your Tax Records?

What happens as the years pass and all the IRS tax records you’ve prepared are still sitting in an old box or drawer, or gathering dust in your attic?

You’ve seen them enough times and the temptation to throw them out was tremendous. But the question gnawing at you was this: How long does the Internal Revenue Service require you to keep those tax records?

Well, they would certainly like to see you hang on to those records at least three to seven years. The general rule of thumb is to keep any records supporting items shown on your tax returns for as long as necessary in the event that a claim has to be amended within its time period, whether it is for a refund, credit or the assessment of an additional tax.

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Tax Prep Checklist for Small Businesses

checklist

Tax Prep Checklist for Small Businesses

When tax time rolls around, it often catches many business owners off guard and results in countless stress-filled hours as they attempt to pull everything together. However, if you take a few simple steps throughout the year, when tax time rolls around you will be prepared for stress-free filing.

Put Important Dates in the Calendar

The first thing a small business owner can do to help get ready for tax time is to make sure that all important dates are in their calendar. This will help make sure that nothing is missed or overlooked, and you can plan for things in advance so you aren’t rushing around at the last minute. The last minute rush is one of best ways to guarantee costly mistakes.

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Tax Credit Every Small Business Owner Should Know About

tax credits

Tax Credit Every Small Business Owner Should Know About

When it comes to running your small business, money is often tight, especially when first starting the business out. You might not make a profit for the first few years due to all the loans and equipment you pay off, but if you stay with it and have an excellent idea, you stand a good chance at eventually running a successful company. In order to improve your financial foothold though, you can take advantage of a few different tax credits available to you. This way, you can at least trim away at the amount of money you have to pay Uncle Sam, and maybe even increase how much of a return you receive from the government.

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Flags that Trigger Tax Audits

auditWhen filing your taxes, the last thing you want months or even years later is a letter from the IRS stating you are in line for an audit. As long as you cover your bases with some simple tips mentioned here, you’ll never have to worry about that letter coming in the mail.

Flag #1: Mismatched Accounting

Make sure all taxable income is reported. The IRS gets all copies of 1099’s & W-2’s you receive. A mismatch sends a red flag, and causes IRS computers to spit out a bill. If a 1099 or W-2 is incorrect, make sure to get with the issuer to file a correct form with the IRS.

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