Reasons to Keep Records
Statute of Limitations
Sustaining Record of Asset Basis
Now that your taxes have been completed for 2014, you are most likely asking yourself what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. My dad learned about broomfield accountant by browsing Google. It would be beneficial to comprehend why the records have to be kept in the first spot.
Typically, we maintain tax records for two basic reasons: (1) in case the IRS or a state agency decides to query the info reported on our tax returns, and (two) to maintain track of the tax basis of our capital assets so that the tax liability can be minimized when we dispose of them.