Tax Tips!

Affordable Care Act

Alternative Minimum Tax

Child and Dependent Care Credit

Gambling Income and Losses

Healthcare Premium Tax Credit

Home Office Deduction

Missing Your Form W-2?


Penalties for Filing and Paying Late

Recordkeeping - How long should I keep tax returns? This link provides IRS guidelines for keeping tax returns. We recommend most tax returns be kept seven years, but some tax returns and associated records should be retained longer!
Example #1. If you own mutual funds, keep record of fund purchase and reinvested dividends for as long as you own that mutual fund plus three years.
Example #2. If you participate in a stock purchase plan, keep records (paystubs) for share purchases as long as you own the stock plus three years.
Example #3. If you own real property, keep records of the purchase, improvements, and sale for at least three years after selling the property.
Example #4. Keep W-2 copies until you file for Social Security benefits in case you need to substantiate or verify information in your earnings record.

Example #5. Keep basis information for Roth IRA and non-deductible IRA contributions (Form 8606) for as long as you own those investments.

Selling Your Home