Why keep records? There are many reasons to keep records. In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan. Good records will help you: Identify sources of income. You may receive money or property from a variety of sources. Your records can identify the sources […]
Read more...Month: April 2016
IRA Contribution FAQ’s
The contribution limit for 2016 is $5,500, or $6,500 if you’re age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits. Is my IRA contribution deductible on my tax return? If neither you nor your spouse is covered by a retirement plan […]
Read more...Tax Design Challenge to Begin: Public Invited to Imagine the Taxpayer Experience of the Future
The effort, being done in coordination with the Mortgage Bankers Association (MBA), is a crowdsourcing competition open to the public. The competition will engage teams of designers, developers, and innovative thinkers across the U.S. to envision options for taxpayer interactions. “Crowdsourcing is a new activity for the IRS, but we believe working with citizens and […]
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