Taxes and Records
Please call us with your questions. If your not sure we can assist you, just give us a quick call...It's FREE! If we can't help you, we'll direct you to someone who can. 662-329-4444.
PLANNING & FILING
Scott Perkins monitors the changes in the tax law that affect you and recommends tax saving strategies. He will file all of your tax returns and serve as your advocate in all tax matters. If you are ever contacted by any government agency concerning your tax information, your first call should be to US. We will deal with these matters so you can get on with taking care of business.
"It is our job to see that you pay no more tax than the law requires."
TAX SAVING STRATEGIES
- Splitting income among family members or legal entities, moving the taxed income into lower brackets.
- Shifting income from one year to another at a lower tax rate.
- Shifting deductions from one year to another for a greater tax benefit.
- Deferring tax liability through investments and pension plan contributions.
- Structuring affairs to qualify for deductions not thought of, like a vacation home.
- Investments producing income exempt from federal or state income tax or both.
The Seasoned Tax Preparer
Today's tax laws are very complicated. Unless your financial affairs are extremely simple, chances are you will benefit greatly with at least occasional help from a tax professional. It is easy to overlook deductions and credits you are entitled to if you prepare only one return a year. Even the best in computer software is no substitute for the assistance of a professional in the world of taxes. We prepare hundreds of tax returns every year. We know what to look for and what not to look over. More importantly, we are here for you year-round to answer questions and provide continued assistance. Call us and we'll put you on our mailing list. You'll receive timely tax and financial advice to keep you up to date on what's new and what has changed in the tax law.
RECORD KEEPING: What, Which and How Long?
What to Keep
Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited. Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income.
Just how long you should keep records is partly a matter of judgement and a combination of state and federal statutes of limitations. Federal tax returns can be audited for up to three years after filing (six years if underreported income is involved). It is a good idea to keep most records for six years after the return filing date.
There are some records worth keeping permanently, partly due to long-term needs and partly because they take up very little room. Consider permanently retaining a copy of each year's tax return. Contracts, real estate buy or sale records, and records of property improvements should be retained for seven years after the property is sold.
If you are a business owner, your record requirements are more extensive. Please call us. We will be happy to assist you with a system of record retention.