Tax Records – What to Keep, What You Will Need to File 2016 Return
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I received this from the IRS today – I am often asked what records should I keep and how long I should keep them. This article sheds some clarity on this issue. Issue Number: IR-2016-162 Inside This Issue Tax Preparedness Series: Tax Records – What to Keep Note to Editor: This is the fifth in a series of reminders to help taxpayers prepare for the upcoming tax filing season. WASHINGTON – As tax filing season approaches, …Read More »
In 2017, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged
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WASHINGTON — The Internal Revenue Service today announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018. The tax items for tax year 2017 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction …Read More »