CPA Blog

What 2015 tax records can you toss once you’ve filed your return?

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Published: Wednesday, 13 April 2016 11:47

Written by Phillip Strickler, CPA.CITP

The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge.

The 3-year rule

At minimum, keep tax records for as long as the IRS has the ability to audit your return or assess additional taxes, which generally is three years after you file your return. This means you likely can shred and toss most records related to tax returns for 2012 and earlier years.

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Filing for an extension isn’t without perils

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Published: Thursday, 07 April 2016 12:00

Written by Phillip Strickler, CPA.CITP

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension.

Extension deadlines

Filing for an extension allows you to delay filing your return until the applicable extension deadline:

• Individuals — October 17, 2016
• Trusts and estates — September 15, 2016

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Making your case for a business loan

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Published: Tuesday, 05 April 2016 09:23

Written by Phillip Strickler, CPA.CITP

From afar, the commercial lending process may appear comical. On one side of the desk you have the lenders, who want to manage their risk by loaning money to only successful business owners. On the other side of the desk, you have the business owners — many of whom believe they can’t truly become successful until they get the money!

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Entrepreneurs: What can you deduct and when?

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Published: Tuesday, 29 March 2016 10:17

Written by Phillip Strickler, CPA.CITP

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.

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