Be Good To Your Money Bulletin http://ezezine.com
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Yes, you will receive a FREE copy of my latest book "Be Good To God's
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631 N. Stephanie Street
Suite 311
Henderson, NV 89014
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SOME TAX ADVICE
Basic records keeping
FOR items concerning your ...
INCOME
Form(s) W-2
Form(s) 1099
Bank statements
Brokerage statements
Form(s) K-1
EXPENSES
Sales slips
Invoices
Receipts
Canceled checks or other proof of payment
HOME
Closing statements
Purchase and sales invoices
Proof of payment
Insurance records
Form 2119 (if you sold a home before 1998)
INVESTMENTS
Brokerage statements
Mutual fund statements
Form(s) 1099
Form(s) 2439
HOW LONG SHOULD YOU HANG ON TO...
IF you ... THEN the period is ...
1. Owe additional tax and situations 2, 3 and 4 (below) do not apply to
you 3 YEARS
2. Do not report income that you should and it is more than 25 percent
of the gross income shown on your return 6 YEARS
3. File a fraudulent return NO LIMIT
4. Do not file a return NO LIMIT
5. File a claim for credit or refund after you filed your return
LATER OF 3 YEARS OR 2 YEARS AFTER TAX WAS PAID
6. File a claim for a loss from worthless securities 7
YEARS
The rule of thumb for tax papers is hold onto them until the chance of
audit passes. Usually, this is three years after filing. But if the IRS
suspects you underreported your income by 25 percent or more, it gets
six years to check into your tax life. THE IRS IS THE BOSS!