For efficent operation and smooth growth use our accounting firm
As a business owner, your priority is managing the operations and ensuring profitability for your venture. While your focus must remain on these, a critical component of sound business practice is maintaining clear and up to date accounting and tax records. The data generated plus the analysis of your accounting and taxation is also key to developing and improving your business.
Falling behind with your creditors, or worse, not collecting your debts or paying the correct taxes can cause cash flow problems. Difficulties with the taxman prevent successful business growth, hinder productivity and efficiency, and cause inaccurate and even illegal financial operations. It is not surprising to note how often situations like these creep up almost unknowingly on honest, hard working business people. Do not let that ever happen to you.
Storing tax records: How long is long enough?
April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.
When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.
Click on the links below to check the status of your refund:
Our tax organizer will help you organize your tax information and make sure you don’t miss any important deductions. Please complete the following steps to take advantage of this tax organizer.