News
An Extension!
My CPA Says “Extend” What Does That Mean To Me? What does filing an “extension” do? An extension is a form fi led with the IRS to request additional time to file your tax return. The
Fraud Risk Assessment
written by: Bryan Boynton An organization with a strong internal control environment periodically evaluates their control environment through a risk assessment. During a risk assessment the organization’s
The Paperless Payroll Trend
written by: Michelle Meister If there is one word to describe how businesses are changing in 2014, that word would be “paperless.” Thanks to the continual growth of the electronic world, more &
2014 Newsletters
DECEMBER 2014 NEWSLETTER Articles: No bankruptcy protection for inherited IRA\\'s; Some very last-minute tax moves to consider; Setting your salary: What\\'s the right amount for a small business
Organize Financial Records for Big Dividends
Written by: Doug Jacobs
A financial record keeping strategy pays big dividends. A combination of digital and paper record keeping techniques is effective in taming the clutter. The basic principle is to assemble the documents by category. For example – some categories are investments, real estate, insurance, family records, and tax preparation.
Investment account statements and any trade confirmations keep until the year end statement is received. Verify the year end statement shows the investment’s initial purchase price and any reinvested proceeds so the tax basis can be calculated when the investment is sold. Keep the annual statements for at least three years (possibly seven in certain situations, described below) from the date the income tax return is filed. A good idea is to keep the annual investment statement as long as you are a customer of the investment company.
Charitable Giving - Document-Document-Document
As the Holiday Season approaches we tend to become more generous and soft-hearted. A widely-held perception is that corporations and foundations are the biggest sources to tap for grants and donations. The reality is that 80 percent of philanthropic dollars are contributed by individuals and bequests. In 2010 the Americans gave more than $290.89 billion to their favorite causes despite the economic conditions.