 Taxes and deductions? |
| I live with my girlfriend and we rent our home. I am not a student. What are the best ways to do my taxes to get the most money back as possible. I need to have enough deductions to get over the ... |
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 IRS is suing me for money what do I do? |
| for the past 30 years no one told me I have to pay taxes and now the IRS is telling me that I owe them some monies??? what do I do?... |
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 Can you file taxes if you had no income, but paid property taxes? |
| I didn't have any income this year, however I paid proprety taxes as well as a mortgage that was mostly interest. Can I file or should I file taxes for the year? Why or why not? My thinking ... |
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 Tax rebate i'm 16 and the tax code is 522L please help me!!!!!? |
i'm 16 and worked for 4 months from aughust 07 - december 07. And i have been gettin taxed . i have only earned £3440
and i am now out of work can someone please tell me if i will get all ... |
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 Should single people be taxed less? |
| Based on income of course! I read recently that lots of people are being forced into staying in unhappy relationships because they cannot afford to go on their own! Seems pretty sad. What do you ... |
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 Do you think consumers should start a campaign to boycott gas stations? |
| If we comsumers rallied together and boycotted these gas stations on a rotating schedule. As an example hit Shell stations on Mondays, Petro Can on Tuesdays and so on. Do you think these oil ... |
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 My x partner has given up her shop and know sells all her new goods on eBay and at car boots? |
| She sells christening cloths and baby goods and offers embriodary service is she liable for tax as she doesnt declare it to inland revenue.... |
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 I worked for 2 months during the summer last year and i got my W-2. my mom filed me as a dependent under her? |
| 1. can i still file my income tax even though i was already filed as a dependent under my mom? 2. and if i can, my W-2 was $673 for my Wages, tips, other compensation column. and thats all i'... |
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 What does this mean on my paystub ? |
| I pay child support and i got payed today and i was wondering what does garnishment 1 mean on my paystub? I send it directly to albany myself or is this something else please help never had this on ... |
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 Why do I have to pay School Taxes when I have no children in the School. My School taxes are $6000 this year? |
Additional Details
There has to be a limit though. I have paid school taxes for a long time. I bet no one stops you to say here.... you can drive on my smooth road... give me $6000 ...... |
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 2004 state tax not filed what do i do? |
| my friends father didn't file his 2004 state taxes.what is the process called that he will have to use?... |
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 India-Incom tax-What is the period for incom tax calculation? Is it March(yy) to Feb(yy+1)? |
| What is the period for income-tax calculation in India? Is it same as the financial year or different? Is this period 'from March of previous year to Feb of present year? or from April to March ... |
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 Help with council Tax?!? |
| I moved into my new flat in Nov 2005 and have paid the man who owned the bulding rent every month , assuming that the council tax was being payed. he lives in another country and assumed that I was ... |
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punjab | How many years must pass before documents, such as tax returns, can be shredded? |
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Nightwalker
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Although the common answer to this question will be "7 years" that is incorrect. You should actually keep copies of your U.S. tax returns forever. The IRS can actually re-open any tax year if they never receive your tax return. There was a horror story about a man who filed a tax return, shredded his copy 7 years later, and 12 years after the tax year, the IRS finally got around to telling him they'd never gotten the return (lost in the mail). He had no way of telling them how he'd done the return, and they re-created it based solely on what's reported to them, which by and large is income, not deductions (except mortgage interest). He ended up owing 10s of thousands of dollars and was screwed!
Keep tax returns and the related receipts in a safe place FOREVER. |
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lizzit
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Must, seven.
But forever is better, and not just for tax reasons. My dad died in 1991, and having the records of his tax returns and receipts (the house purchase back in 1950's, the fine art bought in the '60's, the stock purchase documents from the 1930's - 2000's) and my grandparents tax returns (for the inherited value of various things) has been very handy in preparing tax returns for my mother, who can't read very well and remembers ever worse. If your mind goes, if you are incapacitated or you die suddenly, having these documents to hand will allow others to better take care of your affairs. The last thing you want is your family to suffer a financial hardship because you wanted to clear out your basement.
Put the stuff that's over 7 years old in a deep storage section of your home. In an easily accessible part of your home, have a filing cabinet with the current 7 years, records of all your assets (insurance, house & improvements, stocks, collectables, safe deposit box), and copies of the inheritance tax returns of relatives who left you things. Make sure it's all labelled and clear, and make sure someone knows where everything is! |
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ictharian2000
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Just to amplify or clarify some of what is already stated:
The statute of limitations allows a return to be opened and modified by anyone, including the IRS and the taxpayer, for three years.
The statute extends that power to the IRS for five years if there is a material misstatement.
The statute runs forever for cases of fraud and non-filers. So horror stories can be very real.
As far as how long to keep the returns. Personally, I keep returns forever. The supporting documents I usually do not keep after five years.
In practise, I have encountered accountants who keep copies of client records for three years, five years, and forever. I advocate keeping returns forever, not because of IRS scrutiny, but because they are valuable sources of information for planning, and for sourcing historic basis on stock and small businesses. |
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STEVEN F
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There is no actual requirement that you keep the documents at all. The IRS can assess taxes for 3 years after a return is due or filed, whichever is later without alleging fraud. If fraud is alleged, there is no time limit. Any documents relating to the cost of an asset should be kept at least until the tax year in which the asset is sold is no longer open to audit. The IRS has its own recommendations for how long to keep various types of records. I think the 'recovering CPA' had the best response. Keep them forever. |
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xrionx
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7
the IRS can audit your records up to the last 7 years.
after that... its Kitty litter! |
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tc
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around 7 years |
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shazbotbaru
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check with any profession that deals with taxes...the last I remember, it was 8 yrs...could be different now... |
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brent_goldberg
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For individuals, its 3 years for the IRS to file an audit. |
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Shred Guy
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Stay with the seven. There is risk associated with storing documents too long. They can be used against you in legal proceedings and are a wealth of information for identity thieves. |
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