The General Rule
The Internal Revenue Service has established some basic record-keeping rules for tax documents. You should keep original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
▪️Business Tax Returns and supporting records must be kept until the IRS can no longer audit your return. In most cases, the IRS can audit you for three years after a filing, but that time period extends to six years if the IRS suspects you made a "substantial error" on your return.
▪️Payroll tax records, including time sheets, wages, pension payments, tax deposits, benefits and tips must be kept for at least four years after the date the taxes fell due or the date you actually paid them, whichever is later.
▪️Current employee files should be retained for at least seven years after an employee leaves, is terminated or retires. However, if an employee suffers a work-related accident or files a claim against the business, it's advisable to retain your records for up to 10 years after the claim is resolved.
▪️Job applicant information must be kept for at least three years, even if you didn't hire the applicant.
▪️Ownership Records, such as business formation documents, annual meeting minutes, by-laws, stock ledgers and property deeds, should be retained permanently.
▪️Accounting Services Records should be retained for a minimum of seven years. It is often recommended that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.
▪️Operational Records, including bank account statements, credit card statements, canceled checks, cash receipts and check book stubs, follow the seven year rule.
3 254 hours ago
Anyone who knows me knows that besides selling real estate, my favorite pastime these days is pestering people about how important it is to VOTE. 📢 🇱🇷 In order to vote, you need to be ⚡️INFORMED⚡️. This week I’m posting a three part series on my blog: 2018 Colorado Ballot Issues Affecting Real Estate. It’s not a persuasion piece, it’s about getting you the information you need to make an informed decision.🤓 This series is geared towards property owners and future property owners🔑, but still relevant for anyone voting in the Colorado elections! Part 1 regarding #amendment73 is up now. Link in bio or⬇️
Good morning 🌞
Remember to never give out your personal info to anyone. Always pay attention to the red flags. The IRS will never contact you over the phone. Scammers are still hunting looking for fresh meat to trick, dont fall for it.
Being an entrepreneur can be challenging, by the time you figure out how to market yourself, accept payments, secure clients, pay contractors, and deliver work, you’ve done a year worth of work for 5 people! Let’s not forget, another thing you have to do: your TAXES!
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An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).
IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers. They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. ITINs do not serve any purpose other than federal tax reporting.
An ITIN does not:
- Authorize work in the U.S.
- Provide eligibility for Social Security benefits
- Qualify a dependent for Earned Income Tax Credit Purposes
Important Reminders: Your ITIN may expire before you file a tax return in 2018. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 (Example: (9XX-70-XXXX) will expire at the end of the year.
THE SARS TAX DEADLINE FOR 2018 IS THE 31st of OCTOBER!! Your time is running out... Let us help you...
Do you need expert Tax advice? Are you unsure of how to complete your Tax Registration DO YOU FEEL YOU MAY BE INCORRECTLY ASSESSED OR OVER TAXED AND AVOID DOING YOUR TAXES?
Exposay provides a personal income tax service to individuals. Our personalised service will take the stress out of your annual income tax filing and may even get you some money-back. Personal income tax is the normal tax which is paid on your taxable income.
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67.5 million people e-filed their returns during financial year (FY) 2017-18; and there is chances that many would have made some mistakes, and will get notices from the Income Tax Department.