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Abatement of Penalties

Abatement of Penalties Abatement of penalties is a great way to not only reduce penalties, but also eliminate interest accumulated on the penalty.  Accrued interest is not negotiable when reducing taxes and penalties.  Yet when you reduce your taxes or penalties, the interest is recomputed.  This can lead to lower interest you will be required …

Choosing a Tax Preparer?

How to Choose a Tax Preparer There is time before the tax filing season begin and choosing a tax return preparer now allow you to consider appropriate options during your search.  It also allow you time to do some wise tax planning for the rest of the year.  I suggest you not look for a cheap tax preparer who can get …

Record Keeping

Record Keeping

Accurate record keeping is vital for your tax return examination.  Your records are the original documents used to determine your income, and deductions.  So how long are you required to hold on to these original documents?  Are you fearful of destroying tax documents?  Original documents typically should be held for three years.  There are exceptions.  When those …