Tax Guidelines & Useful Information
Essential Links to Guide You
A one-stop resource that quickly connects you with an abundance of valuable information. Remember to bookmark it!
Check your Federal Refund
Check your State Refund
Government Websites:
Social Security Administration
Social Security Administration administers retirement, medicare, disability and other benefits
U.S. Small Business Administration
Programs and services to help you start, grow, and succeed
U.S. Department of Commerce
The purpose of the Department is to help the U.S. economy grow
Federal Citizen Information Center
A catalog of Free and low-cost federal publications that may be of interest to you. Also contains a lot of important consumer information
Financial Websites:
Current Exchange Rates
Chart the dollar against any foreign currency
Mortgage, bank, Lending, and Interest Rates
Get the most up-to-date information on constantly fluctuating rates
Money Magazine
Check stock quotes, and track the day's financial news
MSN Money
A great source of information for your personal finance needs. Get access to quotes, stock research, and news
Market Watch by Dow Jones
Get links to financial news, stock quotes, IRA resources, stock picks, and more
Oanda
Foreign currency exchange and Competitive rates
Miscellaneous Sites:
New York Times
A good source for national and world news
ABC’s of Real Estate
Great source if you are buying, selling, or mortgaging your h
Tax Information Sites:
Internal Revenue Service (IRS)
The IRS website has many great tax resources for you
IRS W4 Form
This form is used to determine federal income tax withholding
Retention Guide
Storing tax records: How long is long enough?
April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.To be safe, use the following guidelines.
Business Documents To Keep For One Year
Correspondence with Customers and Vendors
Duplicate Deposit Slips
Purchase Orders (other than Purchasing
Department copy)
Receiving Sheets
Requisitions
Stockroom Withdrawal Forms
Business Documents To Keep For Three Years
Internal Reports
Petty Cash Vouchers
Physical Inventory Tags
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees
Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
General Correspondence
Internal Audit Reports
Notes Receivable Ledgers, Schedules
Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers
Purchasing Department Copies of Purchase Orders
Records related to net operating losses (NOL's)
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules
Business Documents To Keep For Six Years
Accident Reports, Claims
Accounts Payable Ledgers and Schedule
Accounts Receivable Ledgers and Schedules
Bank Statements and Reconciliations
Cancelled Checks
Cancelled Stock and Bond Certificates
Employment Tax Records
Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases
Expired Option Records
Inventories of Products, Materials, Supplies
Invoices to Customers
Audit Reports from CPAs and/or Accountants
Cancelled Checks for Important Payments (especially tax payments)
Cash Books, Charts of Accounts
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents substantiating fixed asset additions
Business Records To Keep Forever
Deeds
Depreciation Schedules
Financial Statements (Year End)
General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Revenue Agent Reports
Journals
Minutes Books of Directors and Stockholders
Mortgages, Bills of Sale
Property Appraisals by Outside Appraisers
Property Records
Retirement and Pension Records
Tax Returns and Worksheets
Trademark and Patent Registrations
Legal Records, Correspondence and Other Important Matters
While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.
While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.
Personal Documents To Keep For One Year
Personal Documents To Keep For Three Years
Credit Card Statements
Medical Bills (in case of insurance disputes)
Utility Records
Expired Insurance Policies
Personal Documents To Keep For Six Years
Sales Receipts
Wage Garnishments
Other Tax-Related Bills
Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Personal Records To Keep Forever
Income Tax Payment Checks
Property Records / Improvement Receipts (or six years after property sold)
Investment Trade Confirmations
Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)
Audit Reports
Legal Records
Important Correspondence
Income Tax Returns
Special Circumstances
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Warranties and Instructions (keep for the life of the product)
Other Bills (keep until payment is verified on the next bill)
Depreciation Schedules and Other Capital Asset Records
(keep for 3 years after the tax life of the asset)
Car Records (keep until the car is sold)
Credit Card Receipts (keep until verified on your statement)
Insurance Policies (keep for the life of the policy)
Mortgages / Deeds / Leases (keep 6 years beyond
the agreement)Pay Stubs (keep until reconciled with your W-2)