April 15 has passed, but it’s never too early to start preparing for next year – especially with spring cleaning going on. Many people will be cleaning out their closets and donating non-cash charitable contributions of household items and clothing. Be sure to maintain the proper documentation so you can claim a charitable contribution. When you make the donation, the charity should give you a receipt with their name and the date of the donation along with a general descrip

Tomorrow is the due date for your 2014 individual tax return. Do not forget to file or extend your return. I have had quite a few clients ask me lately if they should put their social security number on their check when they pay any tax due with their return or when paying their quarterly estimates. The IRS says yes, but I say don’t include it on the check. Do, however, include the voucher or quarterly estimate coupon with the check. With tax identity theft becoming a huge p

Today we will look at how long you should maintain copies of tax returns and related records. This is a popular questions that we get asked every year. As a general rule, it is a good idea to keep a copy of a filed tax return indefinitely. For the related records and receipts, here’s what the IRS specifies: 1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years. 2. You do not report income that you should report, and