We are often asked, “How long do I have to keep this stuff?” Whether personal or business, the minimum is 3 years to retain records since the IRS generally has 3 years to audit you from the date you file…
Blog Archives
Profit Motive
The law says that a business loss can produce a tax write-off as long as the owner is honestly trying to make a profit. The Tax Code provides a test for profit motive: If a venture doesn’t make money in…
Posted in Profit
Corresponding with the IRS
Whenever writing the IRS, always make several copies of whatever you send. If the IRS misplaces your first correspondence, you can send it again – and again, if necessary.
Posted in IRS
Youth Summer Employment
Students will soon be looking for summer jobs, and Colorado has some work restrictions for minors working in the state of Colorado. Minors are not allowed to work more than 40 hours in a workweek or in excess of eight…
Posted in Colorado
Accounting Humor
The CEO of a company calls in an engineer and asks him what is 2 plus 2. He says, “4.000000.” He calls in the head of manufacturing and asks him what is 2 plus 2. He says, “To be safe,…
Posted in Humor
Tax Code
“The (tax) code has grown more complex by the year, as evidenced by the fact that Congress has made more than 5,900 changes to the code – an average of more than one a day – just since 2001.” –National…
Posted in IRS
2017 Retirement Plan Contributions
The government can make regular changes in regards to how much you can contribute to your retirement accounts, but for 2017, everything will remain almost identical to 2016. Here are the limits related to 2017 retirement plan contributions: You can…
Posted in IRS
2017 Standard Mileage Rates
The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the…
Posted in IRS
QuickBooks Phishing Scam
There is a new phishing scam targeting small businesses. It is an email alert supposedly about QuickBooks with the subject line “QuickBooks Support: Change Request.” The message is “confirming” that you changed your business name with Intuit, QuickBooks’ manufacturer. The…
Posted in Tips
