Monthly Archives: April 2011

How long should you keep your tax records

Posted on April 22, 2011 by William A Olson, CPA

Personally, I recommend keeping your tax records and tax returns forever… if you don’t have that much storage space, this article from the USA Today provides a good guide on what to keep and when to throw it away. Tax … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS | Comments Off on How long should you keep your tax records

Taxes due today at midnight.

Posted on April 18, 2011 by William A Olson, CPA

Posted in Uncategorized | Comments Off on Taxes due today at midnight.

Not ready to file? Then you need an extension…

Posted on April 16, 2011 by William A Olson, CPA

Still not ready to file your 2010 1040? The IRS allows you to extend your return 6 months until October 17th (typically the extended due date is 10/15). To request an extension, file IRS Form 4868. Approval is automatic, but … Continue reading →

Posted in 1040 Personal Income Taxes, IRS, Tax filing due dates | Comments Off on Not ready to file? Then you need an extension…

Tax Treatment of Early Distributions from a ROTH IRA

Posted on April 14, 2011 by William A Olson, CPA

If you’re thinking about taking an early distribution from a ROTH IRA, please read this article first… Tax Treatment Of Roth IRA Distributions from Investopedia

Posted in 1040 Personal Income Taxes, IRS | Comments Off on Tax Treatment of Early Distributions from a ROTH IRA

Tax Myths

Posted on April 11, 2011 by William A Olson, CPA

Here’s a great article on some very widespread tax myths… one of my favorites is that claiming the home office deduction will lead to an audit. Read on to find more… Tax myths can lead to costly mistakes from the … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS, Tax filing due dates | Comments Off on Tax Myths

Even with a Government shutdown, your taxes are still due 4/18… but your refund will be delayed

Posted on April 7, 2011 by William A Olson, CPA

Government Shutdown Threatens to Delay Tax Refunds — but Taxes Still Due April 18 from ABC News

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, IRS, Tax filing due dates | Comments Off on Even with a Government shutdown, your taxes are still due 4/18… but your refund will be delayed

Senate Passes 1099 Repeal

Posted on April 6, 2011 by William A Olson, CPA

A big relief for small businesses… and Obama is sure to sign this. Senate Passes 1099 Repeal from CFO.com

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS, QuickBooks | Comments Off on Senate Passes 1099 Repeal

Tax Day is April 18th in 2011

Posted on April 5, 2011 by William A Olson, CPA

In 2011, you get three extra days to file your taxes. The due date is Monday, April 18. It’s not because of the processing delay that prevented people who itemize their taxes from filing before mid- to late February. Instead, … Continue reading →

Posted in 1040 Personal Income Taxes, IRS, Tax filing due dates | Comments Off on Tax Day is April 18th in 2011

Audits of Wealthy Taxpayers Increase

Posted on April 4, 2011 by William A Olson, CPA

Audits of Wealthy Taxpayers Increase from the Wall Street Journal

Posted in 1040 Personal Income Taxes, IRS, Tax Preparer | Comments Off on Audits of Wealthy Taxpayers Increase

30 Last Minute Tax Tips from the Wall Street Journal

Posted on April 2, 2011 by William A Olson, CPA

30 Last Minute Tax Tips from the Wall Street Journal

Posted in 1040 Personal Income Taxes, IRS, Tax filing due dates | Comments Off on 30 Last Minute Tax Tips from the Wall Street Journal