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Category Archives: IRS
How long should you keep your tax records
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 →
Not ready to file? Then you need an extension…
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 →
Tax Treatment of Early Distributions from a ROTH IRA
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
Tax Myths
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 →
Senate Passes 1099 Repeal
A big relief for small businesses… and Obama is sure to sign this. Senate Passes 1099 Repeal from CFO.com
Tax Day is April 18th in 2011
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 →
Business Use of Automobile Rules
What can you deduct for the business use of your automobile? See the IRS link below… this is one of the most asked tax questions and often the least understood by the average business owner: http://www.irs.gov/taxtopics/tc510.html