by Joan Buchman Miller | May 2, 2022 | Accounting, tax planning, tax records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed... 
by Joan Buchman Miller | Feb 7, 2022 | Accounting, income tax, tax planning, tax records
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: You report income and expenses on Schedule C of Form 1040. The net... 
by Joan Buchman Miller | Jan 31, 2022 | Accounting, tax planning, tax records
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make... 
by Joan Buchman Miller | Mar 20, 2017 | tax records
How long should you retain your personal income tax records? You may have to produce those tax records if the IRS or a state taxing authority audits your return. In addition, lenders or other parties may require that you produce copies of your tax returns as a... 
by Joan Buchman Miller | Feb 13, 2017 | charitable contributions, income tax, tax records
Safeguard your charitable deductions by properly substantiating all of your contributions. If the contribution is $250 or more, you’ll need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here...