Personal Tax

Article Highlights: Discarding old tax records Statute of limitations Basis substantiation  Now that you’ve completed your taxes for 2013, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the … [Read more...] about Read This before Tossing Old Tax Records

Article Highlights  Chances of being audited EITC Returns Returns with and without a Schedule C Audit rates based upon income Audit rates for returns other than individual returns In recently-released data, the IRS divulged the audit statistics for returns the Service audited in fiscal year 2013. It provides information about the number of returns being audited and where … [Read more...] about Are You In Danger of An Audit?

Article Highlights: Average refund amounts Tax-free loan to Uncle Sam Plan your withholding and estimated tax payments  The IRS reported that approximately 118 million Americans received tax refunds in 2013 averaging around $2,640. The average refund this year is expected to be even higher. If you are among those who received a refund, you are probably celebrating. While … [Read more...] about Get a Big Refund This Year?

Article Highlights:  What is unclaimed property? How can you find unclaimed property? What are your chances of finding unclaimed property in your name?  Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of … [Read more...] about Find Lost Money

Article Highlights: Letter May Be In Error Let Your Tax Professional Respond Procrastination Leads to Bigger Problems Change of Address Complications If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends … [Read more...] about Don’t Panic if You Receive an IRS Notice