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| Maintaining Tax Records |
One of the most common questions we get asked is, "How long do I need to keep
my tax records?" The guideline is the IRS statute of limitations on when you
can be audited. Once that period has expired, the IRS is legally prohibited
from even asking you questions about those returns.
For assessment of additional taxes, the statute of limitation runs generally three
years from the date you file your return. If you're looking for an additional refund,
the limitations period is generally the later of three years from the date you filed
the original return or two years from the date you paid the tax.
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| Stock Donations |
Gifts of appreciated publicly traded stock make great donations because you
get a double tax benefit. The donation is tax-deductible at fair market value,
while the "built in" gain escapes tax.
Also, year-end gifts made with a credit card are currently deductible. (But be
sure the transaction is processed by December 31.) So you don’t have to pay
cash to get a current tax deduction.
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| Deducting Job Hunting Expenses |
Finding a new job can be time-consuming and frustrating in this difficult economy. In addition to that,
it can be costly. You may be surprised to learn that some of the costs you incur while searching for a job
may be tax deductible.
Not All Job Seekers Qualify (The Same Occupation Rule). The tax rules say you can only deduct expenses
to search for a job that's in the same occupation as the last one you had. Give us a call to find out
what deductions qualify such as career-coaching and employment agency fees.
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