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March 11, 2010

 

  TAX TIPS for 2010

Count on us - Another benefit from the IAPA!

Accountants! Need last-minute CPE
What if you could save gas money and stay in the comfort of your home or office, and earn your CPE?

The IAPA heard your concerns and has a great solution:
Join A Live Streaming Seminar!


Renowned tax expert, Bob Jennings, and his staff of knowledgeable speakers, are offering CPE seminars via webcast.

What is a Live Streaming Seminar?

It's just like being at a live seminar only you get to attend from the comfort of your office or home. You will watch Bob on your computer screen. It's just like being there without the high travel cost.

Seminars cover Pension Plans & IRAs, Technology, Compilation Updates, Tax Updates and more! Each seminar runs from 2-16 hours and breaks are included.

All YOU have to do is CLICK HERE and check out the schedule and register. Additionally, IAPA is giving you a 10% DISCOUNT off the registration price if you register through IAPA.

As an ADDED BONUS to you, IAPA also gives you 10% off all EBooks, Self-Study Materials and DVDs, if you purchase them through IAPA. So CLICK HERE to see how you can take advantage of these great offers!



IRS Reminds Taxpayers that Keeping Good Records Reduces Stress at Tax Time

 

The tax filing season is just around the corner, so if you haven’t already done so, it’s time to organize your records. 

 

Whether you are a business owner or an individual taxpayer, you can avoid headaches at tax time with good records because they will help you remember transactions you made during the year.

 

Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.

 

Small Business Owners

 

If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:

 

Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC

Proof of purchases: Canceled checks, cash register tape receipts,

  credit card sales slips and invoices

Expense documents: Canceled checks, cash register tapes,  

  account statements, credit card sales slips, invoices and petty cash slips  for small cash payments

Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks

 

Individuals

 

Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:

 

Bills

Credit card and other receipts

• Invoices

• Mileage logs

• Canceled, imaged or substitute checks or any other proof of payment

• Any other records to support deductions or credits you claim on your return


For more information about recordkeeping, check out IRS Publications:

 

·        Pub  552 at http://www.irs.gov/pub/irs-pdf/p552.pdf, Recordkeeping for Individuals;

·        Pub 583 at http://www.irs.gov/pub/irs-pdf/p583.pdf

     Starting a Business and Keeping Records

·        Pub 463 at http://www.irs.gov/pub/irs-pdf/p463.pdf, Travel, Entertainment, Gift, and Car Expenses

 

These publications are available on the IRS Web site, IRS.gov or by calling 800-TAX-FORM (800-829-3676).


 
   

IAPA - A Name You Can Trust

Need an accountant whose competency and dependability you can trust? You've come to the right place. The
Idaho Association of Public Accountants (IAPA) is a professional organization dedicated to
the highest standards of professional excellence. The nearly 200 members of the IAPA are made up of certified public accountants, licensed public accountants, enrolled agents, accredited business accountants, accredited tax advisors, accredited tax preparers and unlicensed professionals, all of whom are involved in public accounting. With the single goal in mind of providing superior service, the IAPA sponsors a variety of continuing education courses that keep these professionals abreast of the latest changes in tax law and accounting updates.

When you need an accounting professional, look for a name you trust. Look for a member of the
Idaho Association of Public Accountants!
 
 

Click here to receive a discount on all Jennings Seminars' Live Streaming webcasts, Self-Study Manuals,and On-Demand Webcasts.

 
 

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P.O. Box 1106    Hailey, ID 83333    Toll Free 1-888-866-2160    Fax (208) 788-9530    barb@iapacct.com

2006 Idaho Association of Public Accountants