Apr 26, 2016 | Individuals
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 7-year rule At minimum, keep tax records for as long as the IRS...
Apr 19, 2016 | Individuals, Small Business
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities for tax...
Apr 12, 2016 | Small Business
Many businesses elect to operate as an S corporation to take advantage of federal tax benefits. The primary reasons for electing S status are limited liability of a corporation and the ability to pass corporate income, losses, deductions and credits through to...
Apr 11, 2016 | Individuals
Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to...
Apr 4, 2016 | Small Business
You may be surprised to hear that most business deductions aren’t specifically listed in the Internal Revenue Code. It doesn’t explicitly state that you can deduct certain business expenses such as office supplies. There are some expenses that are detailed in the tax...
