After you file your tax return, you’re probably left with a stack of financial paperwork, including receipts, bank and investment account statements, K-1s, W-2s and 1099s. What do you need to keep and what can you shred? Although it might be tempting to throw out everything, you should first review some tried-and-true guidelines for record retention. Failure to keep a paper trail for the information provided on your returns could lead to problems if you’re audited.
Personal Finance Quiz: Test Whether Your College Grad Is Ready for the Real World
With a diploma in hand, your new graduate might seem ready to conquer the world. But college rarely prepares students for the financial responsibilities that come with living in the real world. Graduates often have questions about money matters, such as applying for a loan, buying a house, saving for retirement and insuring newly acquired assets. Here are some questions and answers to share with your child, along with some information about job prospects for the Class of 2022.
Should You Separate Your Business from Its Real Estate?
Many business owners are deciding to carve out their real property from other assets on their balance sheet and transferring it to themselves or another separate legal entity. This strategy offers various tax, legal and estate-planning benefits, but it’s not right for every company over the long term. Here’s an overview of the benefits of this strategy and how it’s implemented.
Summer brings sunshine, ice cream trucks, baseball, fireworks and potential federal tax saving opportunities. Here are nine hot summer tax-planning ideas for small business owners and individuals. Some tips — such as sending the kids to summer camp, buying a boat or RV, and taking a trip that combines business with pleasure — enable you to combine tax planning with summertime fun.