April/May 2016

on
  • Taxes Submitted after April 10th will receive an extension.
  • April 15, 2016 Last Day to submit individual taxes to Jeffery
  • April 18, 2016 Last day to file to the IRS
  • Our Tax Office will be closed July and August, with limited office hours for the rest of the staff. If you have your tax documents ready by June 15th for your extension we will have them ready for pick up by June 30th. If your documents are not to us by then, we will see you in September to complete your tax return.

Recordkeeping for Tax Purposes
 
Which records should you keep?
You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records.
 
Copies of tax returns.
Keep copies of your tax returns as part of your tax records.
* Your tax returns can help you prepare future returns and amended returns.
* After you die, copies of your tax returns and other records can be helpful to your survivors or the executor or administrator of your estate.
 Proof of income and expenses.
Listed below are examples of income and expense documents you should keep.
The list is not all inclusive.
 
Income
* Form(s) W-2, 1099, and K-1
* Bank and brokerage statements
* Business and hobby income records
* Records relating to sale of business property
 Expenses
* Sales slips, invoices, receipts
* Cancelled checks or other proof of payment
 Donations
* Details of cash and noncash contributions
* Written communications from qualified charities
 Your Home
* Closing statements, including any refinance documents
* Purchase and sales invoices
* Receipts for improvements
* Insurance records
 Investments
* Brokerage statements
* Mutual fund statements
* Form(s) 1099 and 2439
* Other basis documentation
 IRAs
* Forms 1099-R, 5498, and 8606 for each year until all IRA funds have been distributed.

How Long Should You Keep Tax Records?
The IRS says you must keep your records for as long as they may be needed for the administration of any provision of the Internal Revenue Code, which means you must keep records of items shown on your return until the period of limitations for that return expires. The period of limitations is the time during which you can amend your return,
claim a credit, or be assessed additional tax by the IRS.
The chart below lists some general guidelines.
If you owe….                                                                                                       Then the period is…..
1) Owe additional tax, and conditions 2, 3, and 4, below, don’t apply to you.  3 years after the return is filed.*
2) Omit income that is more than 25% of gross income on your return. 6 years after the return is filed.*
3) File a fraudulent return.  Unlimited.
4) Do not file a return.  Unlimited.
5) File a claim for credit or refund after filing* an original return. Later of 3 years, or 2 years after tax was paid.
 6) File a claim for loss from worthless securities.  7 years after the return is filed.*
* A return that is filed early is treated as being filed on the due date of the return. Asset Records Keep records of acquisition

Pistachio Fluff Fruit Salad
Ingredients:
  • 1 (20 ounce) can crushed pineapple with juice
  • 1 (3 ounce) package instant pistachio pudding mix
  • 1 (12 ounce) container frozen whipped topping, thawed
  • 2 large bananas, sliced
  • 2 cups miniature marshmallows
  • 1 (15.25 ounce) can fruit cocktail, drained
  • 1 (11 ounce) can mandarin oranges, drained
Directions:
  1. Dump instant pudding into a large mixing bowl. Add pineapple, and mix well. Mix in whipped topping. Stir in bananas, marshmallows, fruit cocktail, and mandarin oranges. Cover, and refrigerate until thoroughly chilled.
Thank you for reading all of the above. Would you like us to forward this to a friend for you? Or, just give us a referral email address & we will add them to our list.

 
Jeffery A. Ames, E.A.

 Enrolled to practice before the Internal Revenue Service

Leave a Reply

Your email address will not be published. Required fields are marked *