The Tax Questions Blog

Posts Tagged ‘money’

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Question: How long must I keep credit card statements, utility bills, & other financial papers?

I am cleaning out documents I have had for years & am wondering, for tax purposes, how long I have to keep some of them. I have prescription forms (the ones the pharmacy attaches to the script itself,) insurance E.O.B.s, and other papers just taking space from years ago & want to DOWNSIZE & SIMPLIFY! I am scared to get rid of financial papers, though. What is a safe time period for keeping these?

Answer: Any normal bills, you can throw away once you are satisfied that they are right. Credit card statements and bank receipts should probably be kept for 3 months (you never know when you may need to go to the bank and get a loan or something). Any financial papers (i.e. receipts, forms, etc...) dealing with taxes should be kept for 3 years. Any collection attempts, steps you have taken to rememdy them, and correspondences that you have made or received should be kept for the entire statue of limitations...15 years.

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Question: how long are we required to keep receipts etc for business tax purposes?

Tired of boxes of receipts ect. how long does the irs require
me to keep my business records?

Answer: If you never filed, there is no time limit on that year. IRS has 3 years to audit you from the date the return is filed in a civil matter. If it is filed late, 3 years from the date filed.

For the Criminal Investigation Division it is longer. Very rarely does IRS CID become involved with regular folks. They stick to drug dealers, fraudsters, and tax protest kooks.

I'd say 4 years is plenty safe on filed returns, but 7 if you are a real worry wart.

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Question: what does my federal filing status mean?

Hi, I'm single, 23 years old, just got a job in November 2008, I make 42K/year and my pay stub sais:

Federal Filing: S 3
State Filing: (CA) 3

After doing some research online, I think I may have filled out my W2's incorrectly because the 3 seems high. My dad is in another country for business so I can't clarify if he's still claiming me as a dependent.

I don't know how all of this tax stuff works. Does the 3 mean I'm getting more money taken out of every check compared to someone who has a status of Single 0? Or will I get more taken out when I do my taxes? When filling out W2's I wanted to check "exempt" because I know that if you make under a certain amount, you don't have to claim and I only have 2 months for 2008 to claim. I'd still like to know how I should/need to file in the future.

I'd appreciate any advice/help as I don't have parents/peers to educate me on tax matters >.< Thank you!

Answer: If your single with no dependants you should be claiming 0. Claiming 3 means they take less money from your paycheck and your probably gunna owe a good amount of money next year. I am 21 years old and claim 0 and they take more money out of my paycheck every month but I get fat refunds at the end of the year. It just depends if you want to save money during the year or get a fat refund....i choose to get a fat refund

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Question: Paying Taxes and an Independent contractor?

I am doing work at home as an independent contractor for a company in Canada, I am curious how taxes work on both ends. Am I required to pay taxes and what is the companies obligation to me being a US resident do I still get a 1099 form at the end of the year?

Answer: They will not issue you a 1099-Misc.

Whether or not you get a 1099-Misc doesn't change the fact that you have income from self-employment and it's taxable.

Plan on 30% for taxes and if you expect to owe more than $1000, make quarterly payments.

If you have low income and you expect to qualify for EIC, be darn sure you can prove your paper trail. Contract, payments, wire transfers, etc.

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Question: How can I ask a reference letter from Inland Revnue to provide me with my total taxable pay for this year. ?

what is the procedure If some in UK has requested a reference letter from Inland Revenue to provide you with total taxable wages info., that you have earned from your employer?? and mentioning how muck tax u have paid for that total earnings.

Answer: Either telephone, or preferably write, to tax office and ask. If you phone, you will only get a call centre. HMRC can send you a signed letter on headed notepaper. This should be as acceptable to anyone wanting to know as a form P60/P45.

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