How long should you keep your business and tax records?

March 5, 2019

The proper length of time to store a document is dependent on the action, expense or event which a document records. The IRS has established several basic record retention standards for tax records. Lawyers, accountants and government agencies all seem to have different ideas, depending on individual business circumstances, with regards to how long business...Read More

Federal tax lien: file IRS Form 12277 to resolve a claim against your property

January 29, 2019

Allowing tax debt to go unaddressed for too long can result in the IRS placing a lien on a taxpayer’s assets. A federal tax lien is a document filed with a county government (usually where the taxpayer lives or conducts business) notifying the general public that a taxpayer has an unpaid federal tax debt. By...Read More

IRS Form 1040 for 2018: easier format and new schedules

January 17, 2019

This year, 150 million US taxpayers will have to fill out the new IRS Form 1040 – regardless of their incomes or their personal financial situations. The IRS introduced this document following the release of the Tax Cuts and Jobs Act, which went into effect last January. This new tax form is easier for filings...Read More

The gift tax: Be generous while avoiding paying extra in 2019

January 3, 2019

Generosity is a beautiful quality and perhaps the best way to tell someone how much you love and value them. According to the website of the Internal Revenue Service, $38.5 billion was transferred from donors to gift recipients in 2018. In most cases, you’re free to give away money and property to other people without...Read More

Is christmas miracle tax-deductible? How to combine charity with tax accounting

December 18, 2018

Here it comes again – the season of holiday spirit, winter magic and good deeds. Charity fairs and sales are taking place nearly every day, soup kitchens are as active as ever, and volunteers are calling out for participation for charities and other various good causes. Of course, we’re all eager to participate, but don’t...Read More

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