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Tax Planning

Tax planning and tax forecasting services for individual and small business clients

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Welcome to Bausch & Associates

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Tax $avers

What should I save?

Record Keeping

Imagine you've been selected by the IRS for an audit.  Do you have the proper documentation to support your tax return?  What does the IRS look for to validate your claimed income, deductions or tax credits?  A little work now can mean no headaches later should you need to defend your tax return.

Generally, you need to consider three things when defining the record keeping requirements for the Internal Revenue Service.

  1. What Records to Keep
  2. What is Required as Proof
  3. How Long to Keep Records

 

NEWSLETTERS

May 2020

May 06, 2020

COVID-19 uncertainty abounds for everyone. This month’s newsletter provides a round-up of tax-related laws to help with tax planning for 2020 as we all navigate the coronavirus pandemic. Also in this edition are ways to track your stimulus payment, tips to find cash, and how to protect your video conference meetings from unwanted visitors.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

April 2020

Apr 01, 2020

The IRS rolled out deadline extensions and new programs to help individuals and businesses navigate the COVID-19 pandemic. A recap of these announcements is included here for your review. Also in this month’s edition is an interesting tax quiz to see if you can guess which states have the highest taxes! All this plus an interesting way to keep your spare change digitally. These are challenging times. Rest assured as things change on the tax landscape, you will be among the first to know. Please stay safe. read more.

March 2020

Mar 04, 2020

The tax filing deadline is right around the corner! As you're busy gathering your tax documents or reviewing your tax return, included here is a caution concerning the security of IRS online applications and websites.If you're an independent contractor, there is an article outlining tips for surviving the world of self-employment.This issue also includes an article on the pros and cons of renting or buying a home and an interesting article on new viewing alternatives targeting younger audiences.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

February 2020

Feb 05, 2020

The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax forms, organize your records and set a schedule to get your tax return completed.Deep in the Form 1040 instructions is an annual recap of federal income and how the money is spent. Since most taxpayers no longer see these instructions, a recap of this information is provided here for your review.Given late breaking tax laws, now is a good time to read a review of how newly passed retirement rules could help you save more. This issue also includes an article with several interesting facts about Valentine’s Day and for small business owners, some information is provided to help your employees navigate the new W-4 paycheck withholding form.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

January 2020

Jan 01, 2020

Welcome 2020. A new year calls for a fresh look at your financial strategies. Consider how to make the most of your savings accounts — and don't forget you still have time to fund your IRA! You can also try the following fail-proof tricks to keep your New Year's resolutions on track.Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

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