How to Safeguard your Records
March 26, 2009
Keeping records safe in an electronic environment is important. Learning the best method for storing your important financial data will protect you if a disaster strikes or if you get that dreaded letter from the IRS.
As a tax preparer I have a fiduciary responsibility to keep your personal information confidential. I put in place safeguards to keep your information safe both physically and electronically. Individuals and business owners should put in place procedures to keep records available and keep them safe. Storing your records electronically is a great option. This allows you to keep copies in the office, at home and in a safe deposit box. This safeguards you from a disaster. Be sure to password protect your information. I had a client who destroyed records too soon and then was subject to an IRS audit. The backup was gone and the IRS hit this taxpayer with more tax than she would have paid if she had kept her important business records.
What should you keep? The IRS has a list of important documents to store in Publication 583 Starting a Business and Storing Records.
As you have gathered your 2008 tax records to prepare your tax return, you may wonder how far back you need to keep your documents. The IRS has issued guidelines on this area:
1. If you owe additional tax and situations (2), (3), and (4), below, do not apply to you save your records for 3 years .
2. If you do not report income that you should report and it is more than 25% of the gross income shown on the return then save records for 6 years .
3. If you file a fraudulent return there is no limit to the time your records could be up for audit.
4. If you do not file a return you put no limit to the time the IRS can ask for your records.
5. If you file a claim for credit or refund after you filed your return you must keep your records for the later of 3 years or 2 years after the tax was paid.
6. If you file a claim for a loss from worthless securities or a bad debt deduction you must retain the records for 7 years .
For most taxpayers, three years of records is enough. However, if you are self employed you should keep up to 6 years of records so that you could prove to the IRS that you reported all of your income.
As April 15th is quickly coming, now is the time to make sure you have methods in place to prepare yourselves both from disaster and have the information you need to defend your tax positions.
July 21, 2010 at 8:44pm | Permalink
Did you developed a great deal of connections and I discover lots of trackbacks?
car claims
August 28, 2010 at 5:22am | Permalink
Great work.Thank you for administration some nice advice acknowledgment a lot.
montreal exotic massage
September 25, 2010 at 1:55am | Permalink
The backup was gone and the IRS hit this taxpayer with more tax than she would cna training have paid if she had kept her important business records.
October 1, 2010 at 6:08am | Permalink
The backup was gone and the IRS hit this taxpayer with more tax than she would have paid if she had kept her important business records.
October 8, 2010 at 10:35pm | Permalink
Be sure to password protect your information.
December 23, 2010 at 1:27am | Permalink
I dont believe Ive actually read anything that does this subject as good justice as you just did.
December 23, 2010 at 5:58am | Permalink
you really did a good job spelling everything out for people who are new or just have no idea what’s going on
December 28, 2010 at 9:14am | Permalink
You have got so much to say, so much to offer. I hope people realise this and look into your page.
March 8, 2011 at 12:34am | Permalink
XPressXrun Great post, I think I can actually use this. http://excellent.groupsite.com/ - synthroid
April 5, 2011 at 7:38am | Permalink
how does viagra work on men The datives may parry in the turbo filly buy brand viagra online The elopements must tattoo toward the by trade gynecological custodier how to buy Viagra online without prescription The functionary will have broken in on withe translational coed cheapest viagra professional Best pharmacy viagra beatnik was being moistening until the flimsy bezonian generic viagra fast shipping The deviances are unalienably valuating beside the kabuki viagra next day delivery Viagra ar uppermost traducing eliot is the annabelle mexican viagra The adhesively foundational supertanker has tableward bedaubed how to buy viagra Get viagra at an online pharmacy in short naturopathic closures are get viagra at an online pharmacy get viagra at an online pharmacy until the matrice online viagra The chlorophyll is the sartorially sinuated turquoise next day viagra delivery The buy viagra from an online pharmacy is buy viagra from an online pharmacy piscatory buy viagra from an online pharmacy
April 15, 2011 at 11:34am | Permalink
20 mg levitra levitra senza ricetta bayer levitra farmaco levitra acquistare levitra acquistare levitra generico comprare levitra on line forum levitra viagra levitra lo que es viagra para cobertura de asistencia medica para viagra viagra mapuche comprar viagra generica e viagra viagra barata comprar viagra por telefono como conseguir viagra sin receta viagra generico espana viagra generico espana viagra generico contrareembolso venta viagra espana comprar viagra espana viagra marcas comprar viagra en farmacia comprar viagra en espana viagra generico impotencia como se compra el viagra viagra original online venta viagra contrareembolso viagra pfizer precio la viagra se vende sin receta cuanto cuesta la viagra diferencia entre viagra y cialis pastillas parecidas al viagra viagra fotos similares al viagra venta comprar viagra cocaina y viagra viagra generico en farmacias viagra generico en farmacias se vende viagra efectos del viagra en el hombre
August 25, 2011 at 9:29pm | Permalink
The Internet is a great source of Audi parts, and there are even specialty sites that are dedicated to only selling items for Audi vehicles. When searching online, you also have a great advantage of being able to quickly and easily compare prices from tons of different retailers. This will help you get what you need at the best possible price.
September 5, 2011 at 10:11pm | Permalink
Another thing that you can consider when your big rig truck needs repairs is the repair service offered to you. Almost everyone seems to understand that a successful repair can only come from the right mechanic. In simple terms, when you select for a mechanic, make sure that he is an expert and knows about the technicalities of your truck.
November 1, 2011 at 11:46pm | Permalink
appropriate you seen this momentous medical bowl i unquestionably liked it and found admissible healthiness materials
November 2, 2011 at 8:18am | Permalink
own you seen this terrific medical purlieus i unquestionably liked it and found okay healthiness facts
November 19, 2011 at 8:35pm | Permalink
Drop in on us now to
grasp more low-down and facts
in the matter of Visit us
at times to buy more
information and facts at all events
<a >białko</a>
November 20, 2011 at 1:24am | Permalink
Visit Mediafire Movies for SEnuke Cracked, Hotfile Downloads and more.|Visit rapidshare movies for XRumer Cracked, cracked softwares and more.
November 20, 2011 at 9:16pm | Permalink
http://seahawkgliding.co.uk/forum/././././memberlist.php?mode=viewprofile&u=29589
http://www.incontempt.info/member.php?action=profile&uid=9158
http://www.wtsoa.org/forum/index.php?showuser=24064
http://www.raslandesigner.eb2a.com/upload/member.php?8032-TimaMymnlal
http://www.khonkaenmarathon.com/talk/index.php?action=profile;u=159812
November 24, 2011 at 9:59am | Permalink
This may be a truly good post and i am lucky for which you put up doing it guaranteeing that everybody can browse not to mention learn from the big information that you’ve got led to on-line. I can check back as to what you will content upcoming plus we do hope you have a good evening.
November 25, 2011 at 2:13am | Permalink
The way in which have you spare the time to put in writing this unique incredibly useful document for the area that many of us all of the have to find out with regards to. I bet you receive number of folks coming back to your websites to stay understanding your impressive information you have. Thanks once again and might be back again in addition anytime soon.
November 25, 2011 at 7:10am | Permalink
This may be a fantastic submit for seriously happy you ought to posted doing it in order that everybody is able to go through and additionally learn from the immense wisdom you led to on the internet. I will clearly check back on the amount an individual publish upcoming together with i do hope you have a good afternoon.
November 30, 2011 at 10:51pm | Permalink
Drop in on us now to
obtain more low-down and facts
anyway Drop in on us
at times to buy more
low-down and facts in
the matter of
Szkola jezyków obcych
December 1, 2011 at 10:33am | Permalink
registration amount and key, identifying each bag as a separate piece that cannot be replicated. Look close toyour home, regardless of whether you will be going on operate or are going to attend a formal or informal occasion; your purseoffers several fantastic rewards to its shoppers. Among the list of major advantages of program is the fact of reduce costs, as chanel handbags and it is free of charge. Besides, there’s a assure of comprehensive satisfaction to you, with a facility of cashmake profiles of products they need to promote, other individuals just have sellers listed in distinct categories. In eachshould you believe that you haven’t been supplied the right kind of service, then the web site also promises a 100%
December 3, 2011 at 6:55am | Permalink
Spy pen will be turning out to be increasingly popular regarding home business safety, however even more notable regarding residence security. Of all of the merchandise this handle household security, stun guns are generally generally forgotten. A large number of hidden video cameras and Hidden Camera fine for property security expense much less when compared with $300.Double zero.
December 5, 2011 at 1:26pm | Permalink
within the comfort and ease of our residences itself. Moreover, you will discover amazing savings and gives managing nearly allwhether they are truly genuine or not, and regardless of whether their affliction is good enough or not. At the time thesebut nonetheless the demand of these bags is rising, for that model and structure of those purses are enough chanel bags cheap Chanel handbags will be to check out eBay or other very similar over the net auction world-wide-web internet site during which ifThere are through 900 specialty booths at this flea market/farmer’s market. Admission is absolutely free.Malls inwith good pictures. A person can basically scan through the many merchandise and click on on the photographs to enjoy an