How people can reconstruct records lost in a natural disaster
IRS Tax Tip 2020-127, September 28, 2020 Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants. Whether it’s personal or business property that has […]
Tax Tip 2019-170: Here’s how taxpayers can avoid the hooks of phishing scams
IRS Tax Tip 2019-170, December 4, 2019 Knowledge and awareness. Those two things can protect taxpayers and their family members from getting caught up in a phishing scam. A phishing scam is often an unsolicited email or a website that looks like a legitimate site designed to trick users. The scams convince people into providing […]
Top 10 Tips for Deducting Losses from a Disaster
IRS Special Edition Tax Tip 2015-08, May 26, 2015 To mark National Hurricane Preparedness Week, the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 […]
Why it’s so important to separate Business and Personal Finances.
By:Mary Lee @CompanionTax August 8, 2019 Separating Business and Personal Finances One of the most vital aspects of running a business is maintaining accurate records of your income and expenditures. This is the only way to get a good read on your business’ performance. For this reason, keeping your business finances separate from your personal […]
Good tax planning includes good recordkeeping
IRS Tax Tip 2019-97, July 23, 2019 Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is […]