padgettnil.com

Serving Lake and McHenry Counties

A little reminder: The internal Revenue Service requires you to retain all your financial records relating to positions taken on your tax return for three years. However, we recommend you keep all your tax and financial records for no less than six years. You should keep those records relating to large purchases - for example a house or large capital improvements such as an addition for three to six years after the sale of the property. Fortunately, the IRS is now permitting the use of independently prepared bank statements that list the payee as adequate support for your position. This can be a big space saver for those who have been saving cancelled checks. Many banks no longer provide cancelled checks unless specifically requested, but provide their customers with Photostat copies of their checks on 8 1/2 x 11 paper. Many of you will find that the storage of these records is far more convenient than the storage of cancelled checks. Check with the local banks for additional information.

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Are you a new business or existing business

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padgettnil.com

Serving Lake and McHenry Counties

Questions to ask when Emailing

Are you a new business or existing business

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