One of the most common non-tax questions clients ask tax professionals is “How long should I keep this?” “This” could mean bank records, copies of tax returns, or virtually any other piece of business information. This reasonably comprehensive overview focuses on keeping business records for tax compliance, specifically, what to keep and how long to keep it in case a taxing authority ever decides to examine (audit) a business return. Records management is an entire field unto itself! Hiring an in-house records manager is beyond the needs or the budget of most small businesses, but it’s important to understand that proper records management is serious business.
Tax Tips for Families Affected by Disability: What More People Should Know
Peter J Reilly CPA
There are a few tax tips for people with disabilities that I think are not as well-known as they should be. They can also be applicable to their parents or others who care about them. This is not meant to be a comprehensive treatment of all aspects of how taxation and disability interact. Rather it is to alert you to some things I think should be more widely known. One thing to keep in mind is that some of the parents and grandparents of disabled adults don’t necessarily share this part of their personal life, so you may be surprised at how this information might be valuable and appreciated by some of your clients.
