At Taxes 'N Books we pride ourselves in giving you the best possible tax return; as if we are preparing our own. We send you questionnaires ahead of time to educate and prepare you for our appointment. During that time together we go to great lengths to find every deduction allowed by law. Our goal is to make you more aware of your tax situation and be available year-round for any questions you may have.
With our in-house computer system you will be provided with a professional, quality product often completed during your appointment. We electronically file for both Federal and State tax returns, with refunds directly deposited into your checking account upon request.
Small Businesses make up 85% of our returns processed, so we are able to accommodate any of your tax needs, as well as out-of-state returns, military, purchase or sale of your home, rentals, investments, partnerships, stock sales, etc.
Our staff keeps current on tax laws and is dedicated to help you find every deduction you are allowed by law and claim it properly on your tax return.
We will review your prior tax returns to see if you are missing deductions that could still be claimed. By amending your return you will be refunded the tax difference along with any interest or penalties that may apply.
1. Many times we are asked, “how long do I keep my records”. I (Judy Shorten, owner) have arrived at an answer to this question that I’d like to share. The common answer is to keep your records for 3-7 years. Less years if the tax return is basic and has no business deductions claimed. Up to 7 years if you have claim income and expenses for a business on your tax return. However, this answer is only for the bank statements, receipts, and other daily records for your taxes, not for the actual tax return.
Please keep your actual tax return, with its primary documents, (ie: W-2’s, 1099-R’s, 1099’s of all sorts, 1098, k-1’s, etc) forever. I have experienced in the past 5 years California Franchise Tax Board requesting proof of a tax return filed back in the 90’s. If you ignore these requests, they will actually create a number out of thin air as your income and eventually start to collect on this assessment if they are not responded to. My customers who have had copies of their tax returns made this response to them very easy. Also, in the fact of our current problem with identity theft, you may need to prove your income earned over the years if your file gets hacked into, to get your correct social security. I am only able to keep copies of your records back 5-7 years because of lack of room. Please keep the paper copies of your own records forever. Let your heirs throw them away.
The other receipts you need to keep forever are the receipts or records for assets you still own. This includes: all purchase and refinance papers on your home you own; major improvements to your home or one that has turned into a rental; records of all investments you still have, stock purchases, history of IRA deposits; receipts for cars you still own; receipts with serial numbers of guns you purchased, and records of people you may have sold them too; or any asset or item of growing worth of any kind.
2. Day care Provider seminars coming up. I started this business specializing in home day care businesses. We still do a large number of daycare returns and stand behind these people in the audits they may be subjected to. There had been some changes in how we deduct your food expense and this changes how you need to keep records to easily satisfy any auditor. We will be contacting my daycare businesses to offer a seminar to explain these changes and offer help and training in doing your bookkeeping. If you are interested in attending one of these seminars, please call the Sacramento office at 916-444-2666 to get your name on a list.
3. Look for our investment page coming soon, explaining the types of investment services we offer. But at this point we’d like to admonish you to please don’t leave your 401k nest eggs behind when you leave your previous employment. Gather those eggs into an IRA (Individual Retirement Account) that is invested in accounts of your choosing and according to your own risk tolerance. Rich Estrella is on staff full time to help you with this. Do you need to locate some missing accounts? Do you still receive statements and have no idea what to do with them? Please call us to help you gather your eggs into your own basket (IRA).
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