TDC Tax Services November Newsletter

TDC Tax Services
November Newsletter

Supporting you with practical tax information!

Good recordkeeping is an essential piece of tax planning!
 
Now is a great time to begin thinking about next year’s tax return. It is never too early to prepare for 2021, and reviewing your recordkeeping now will pay off later.  Having records handy makes preparing a tax return next year easier, faster and saves money!

Free Tax Organizer

Recordkeeping Tips
 
Find a good system that works for you or your business.  Create a paper file or use an electronic filing program like QuickBooks
Keep receipts, canceled checks and any documents that support income, including any unemployment comp, business expenses and deductions
Keep detailed records relating to property sold or disposed of in order to figure basis for gains or losses
Keep all records for three years from the date the return is filed
Keep all employment tax records (for employees) for at least four years after the tax is due or paid, whichever is later

TDC Tax Services
 
TDC Tax Services is a small tax preparation and consulting firm in Minnesota and serves clients nationally with online services. We help individuals and small businesses with tax, 
accounting and financial needs. 
Enrolled Agent, IRS Authorized E-File Provider, and Quickbooks Pro-Advisor.

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