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Category Archives: Personal Tax

How Long Do You Need To Keep Records?

In general, you must keep records that support items shown on your individual tax return until the statute of limitations runs out -- generally three years from the due date of the return, or the date you filed, whichever is later. In most cases, the IRS can audit your return for three years. You can also file an amended return on Form 1040X during this time period if you missed a deduction, overlooked a credit or misreported income.

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Helping Americans “Feed the Pig”

Encourage your clients and customers to ‘feed’ their piggy banks! ’Feed the Pig™‘ is a national multi-media public-service announcement campaign with a dedicated Web site, www.FeedthePig.org, that provides free financial information and tools to help people take control of their finances and build long-term financial security.

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Alternative Minimum Tax

The AMT was initiated back in Congress because of the increasing number of high-income individuals that were legally able to avoid paying any income tax. Over the years however, as the rules were not adjusted for inflation, many middle class taxpayers began to fall into the AMT trap.

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