How long do I need to keep my tax returns?
We recommend 7 years from the tax return year.
What are the deadlines for filing my tax returns?
The filing deadline for personal returns is April 15th. If you need more time to gather the information necessary to file your return, you can file for a six-month extension until October 15th. Please note that if you owe taxes, your payment is due on April 15th and there is no extension of time to pay any taxes that are due. Under these circumstances, if you file for an extension of time to file your return, you should make a payment at the time you file your extension. Make an appointment with your tax preparer if you need help determining what you owe.
Corporate returns are due on March 15th. If you file for an extension of time to file the return, it will be due on September 15th (six-month extension).
Partnership and LLC returns are due on April 15th. However, if you file for an extension of time to file the return, it will also be due on September 15th (five-month extension).
What records should I keep along with my tax returns?
In the event that any of your deductions are questioned, documentation is key. Bank and credit card statements, cancelled checks, invoices, and receipts are fundamental. Mileage logs and other records of trips made for specific business purposes, are also important. At the beginning and end of each year you should record your odometer reading.
For non-cash contributions of clothes and other property, keep any receipts, acknowledgement letters from charities and records that would prove the fair market value of your contribution(s) such as newspaper or other ads selling the same thing, etc.
For business- related meal expenses, keep a record of the time, place and business purpose of the expense as well as the receipt.
If you are anticipating any expenses and are not sure of the backup documentation necessary, please feel free to give us a call.