Contemporaneous Records

Contemporaneous Records. A timely knowledge of this definition is pretty important. If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term “contemporaneous”. So what does it mean and why should you care? Contemporaneous Defined According to the IRS

What records should your business keep

  Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to substantiate your annual income tax return. The IRS says that you must maintain adequate

So You Got Your PPP Loan. What’s Next?

So You Got Your PPP Loan. What’s Next? You just got the email that your Paycheck Protection Program (PPP) loan was approved—congrats! Getting this far is a major accomplishment and warrants some serious celebration (homemade frosé anyone?). But being approved for a loan is just the start of your PPP journey. Now, it’s time to strategize how you’ll use the funds to keep your business going while ensuring that you qualify for loan forgiveness. Below, we’ve put

Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI). Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI = Gross Income – Adjustments from Gross Income Gross Income. For most of us, Gross Income is our wages as shown on a W-2 at the end of the year. As well as taxable interest income,

How to get your tax return for the FAFSA form

It’s that time of year and your filling out the FAFSA form then you realize you need your tax return. Well you are in luck! Here are some options to get your tax return for the FAFSA form. The IRS Data Retrieval Tool is available to those who are eligible. You can access it from within the Free Application for Federal Student Aid form. Applicants filing a 2019-20 FAFSA must use data from their 2017 tax returns. If

How Long Should I Keep Tax Records?

[vc_row][vc_column][vc_column_text]You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional