Safekeeping tax records helps for future filing, amended returns, audits.
Nov28

Safekeeping tax records helps for future filing, amended returns, audits.

With the tax filing season quickly approaching, the Account On Us wants taxpayers to understand how long to keep tax returns and other documents.   The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later. Tax records should be kept at least seven years if a...

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Tax reform changes likely to reduce number of taxpayers who itemize
Nov28

Tax reform changes likely to reduce number of taxpayers who itemize

The doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize.   In previous years, about one out of three taxpayers itemized. The IRS expects that number to be less for tax year 2018. The Tax Cuts and Jobs Act (TCJA) passed in December 2017, significantly affects deductions in several ways, impacting those taxpayers who normally itemize.   The TCJA doubles the...

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Donations May Cut Tax Bills.
Nov26

Donations May Cut Tax Bills.

The Internal Revenue Service reminds taxpayers looking to maximize their tax savings before the end of the year to consider charitable giving. Many taxpayers may already be planning on doing so for #Giving Tuesday on Nov. 28. Giving money or goods to a tax-exempt charity before Dec. 31 can usually be deducted on that year’s federal income tax return. Taxpayers are urged to consider the following before donating:   Only Donations...

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Happy Thanksgiving 2018.
Nov21

Happy Thanksgiving 2018.

Thank you for being our valued customers. We are grateful for the pleasure of serving you and meeting your accounting needs. We wish you a lovely Thanksgiving and a joyous holiday season. With many thanks, from all of us at Account On Us

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Get Ready for Taxes: Get 2018 tax documents ready for upcoming filing season.
Nov21

Get Ready for Taxes: Get 2018 tax documents ready for upcoming filing season.

The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019.   This is the fifth in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 tax filing season.   Keeping...

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