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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

November 2020

Nov 04, 2020

With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go up. The annual details and some interesting Social Security information are outlined here. And if your small business is struggling on how to make ends meet during this challenging time, here are some hints to effectively price your products. All this and some handy every-day tips EVERYONE should know.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.

October 2020

Oct 07, 2020

Does your monthly income seem a little higher than normal? If so, that may actually be a sign of trouble ahead. Find out how a tax trap could be lurking in your paycheck. Also read about your options for what to do with your 401(k) when switching jobs, common mistakes that businesses make with their websites and fascinating facts about your favorite fall gourd.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.

September 2020

Sep 02, 2020

Fall is right around the corner! As summer is winding down, the IRS wants you to be aware of common scams being encountered during the pandemic. Also included are tips to improve your credit score, and a review of alternative ways to budget so you can explore a method that works best for you. All this and some tips to save during your shopping excursions.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.

August 2020

Aug 05, 2020

Get a head start on your tax planning by reading about four new laws to help you in 2020. Also find out whether your business should incorporate and what you can do to increase the chances that your PPP loan is forgiven. Also included in this edition are mistakes to avoid when refinancing your mortgage.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.

July 2020

Jul 01, 2020

Remember, July 15 is now the tax filing due date because of the pandemic! It also means you may have a tax payment due on or before July 15. And if you have not yet received your federal stimulus check, this month's newsletter tells you what you should do. Also included is a recap of recent news that gives business owners more flexibility for getting your PPP loan forgiven.Also included in the newsletter are some ideas for fun, summertime activities for the entire family.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.

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