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Records Retention Guidelines

Permanent File:<

• Audit reports
• Cap, stock & bond records: ledger transfer registers, stubs showing issues, record of interest coupons options, etc
• Cash books
• Charts of accounts
• Checks (canceled for important payments i.e. taxes, purchases of property special contracts, etc. checks should be filed with the papers pertaining to the underlying transaction)
• Contracts, mortgages, notes & leases (While Active)
• Correspondence (legal & important matters only)
• Deeds, mortgages, and bill of sale
• Depreciation schedules
• Financial statements (year-end, other optional)
• General/private ledgers, year-end trial balance
• Insurance records, current accident reports, claims, policies, etc.
• Journals
• Minute books of directors, stockholders bylaws & charter

Reduce The Amount of Junk Mail, Telemarketer Calls, & Spam You Receive

Perhaps less of a Tax Tip, and more a suggestion for your personal sanity, but here are a listing of ways to limit the "noise" so you can focus on what is important:

Do Not Call List<

Stop telemarketers from calling you at home: www.donotcall.gov<

Direct Marketing Association<

Reduce physical junk mail & email spam: www.dmachoice.org<

www.OptOutPrescreen.com<

Reduce credit card and insurance offers by opting out online: www.OptOutPrescreen.com< or by calling (888) 567-8688.

Remember To Disclose Non-Domestic Accounts (FBAR)

See from IRS.gov: Who Must File an FBAR?<

United States persons are required to file an FBAR if:

Remote Support & Assistance

"A good sketch is better than a long speech."
- Napoleon

In other words, communication requires visualization. While many questions can be resolved with a simple telephone call, others require a "sketch."

Reporting of Foreign Accounts (FBAR)

tdf 90-22.1

Report Foreign Bank and Financial Accounts (FBAR<)

Please Note: This form is not filed with the IRS, but instead the Treasury. Thus the timely mailed-timely filed rule does not exist, additionally there is no extra grace for weekends nor holidays. Historically, if the deadline falls on a weekend, the due date should be treated as the Friday before for paper filers.

Fortunately there is a way for us to manually e-file the form.

As of 2016 the FBAR can be extended, by extending your individual tax return, but remember the penalties for non-filers can be extreme.

Rethink Insurance: The Huge Small Business Health Care Credit

Huge Health Insurance Tax Credit

If you are a small employer with fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of your employee health insurance premiums then you may be eligible for the Small Business Health Care Tax Credit.

For tax years 2010 through 2013, the maximum credit is 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities.

An enhanced version of the credit will be effective beginning Jan. 1, 2014. The IRS is expected to issue additional information about the enhanced version as it becomes available. In general, on Jan. 1, 2014, the rate will increase to 50 percent and 35 percent, respectively.