Give….and Receive!

Taxpayers over age 70-1/2 with an IRA have a year-end tax planning opportunity. 

Year-End Tax Planning

Year-end tax planning could be especially productive this year, timely action can get you tax breaks that won’t be around next year unless Congress extends them.

The American Recovery and Reinvestment Act of 2009 for Businesses

The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for businesses. Here's a review of the more widely applicable provisions that could have an impact on you and your enterprise.

The American Recovery and Reinvestment Act of 2009 for Individuals

The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial tax changes for individuals. However, most of them are temporary in nature.  Unless extended by future legislation, they apply for 2009 only or in some cases for 2009 and 2010. Here's a review of the more widely applicable provisions that could have an impact on you and your family.

Retaining Income Tax Records

Many have asked for guidance on how long you should retain your personal income tax records. These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce copies of your tax returns as a condition to lending money, approving a purchase, or otherwise doing business with you.

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