Those Pesky Records!

Those Pesky Records!

What do I need to keep? Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from...
A Tip to Avoid Late Payment Penalties

A Tip to Avoid Late Payment Penalties

What to do if you miss a quarterly estimated tax payment Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must...
Understanding Tax Terms: Basis

Understanding Tax Terms: Basis

Covering the bases on basis Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis...
Clues You are About to be Scammed

Clues You are About to be Scammed

Mention the word IRS and everyone’s blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam. Every year the IRS mentions their dirty dozen tax scams and repeatedly tries...
Anticipating your Refund

Anticipating your Refund

What you should know If you e-file your tax return, you can generally expect to receive your refund within three weeks of it being accepted by the IRS. Expect four or more weeks if you mail in your tax return. But delays can happen. Refund Delays: The common culprits...