Business Solutions

Business problems and their solutions are as varied as the kinds of businesses in existence. There are some issues, however, that every business faces. Whatever your business concerns, we can provide the help you need.

Whether you are starting a business or operating a going concern, we can help you select the proper organizational structure and help you secure adequate financing. We will work with you and your banker, lawyer, insurance agent, and other advisors to solve your business problems.
We can assist you with loan applications, pricing, credit policies, cash flow concerns, cost controls, and other management issues. We will gladly assist you in reviewing your operations to see what you might do to be more profitable.

Give us a call for a no-charge initial conference. You should interview us, as you would any professional, to determine if we will be a good long-term match for you and your business. If we don't have the answer to your problems, we will assist you in locating someone who does. We always welcome your questions.

Record Keeping

What to keep and how long to keep it
Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited.

Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three and six year limits start with the filing of a tax return; if no return is filed, the time limit never starts to run.

Which records are important?

Records of income received.
Expense items, especially work-related.
Home improvements, sales, and refinances (for homes with profit potential of $250,000 or more).
Investment purchases and sales information.
The documents for inherited property.
Medical expenses.
Charitable contributions (records vary with value of gift).
Interest and taxes paid.
Records on nondeductible IRA contributions.

How long should records be kept?

Just how long you should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal tax returns can be audited for up to three years after filing (six years if under reported income is involved). It is a good idea to keep most records for six years after the return filing date.

There are some records worth keeping permanently, partly due to long-term needs and partly because they take up very little room. Consider permanently retaining a copy of each year's tax return. Contracts, real estate buy/sell records, and records of property improvements should be retained for six years after the property is sold.

If you are in business, your record requirements are more extensive. Please call us; we will be happy to assist you with a system of record retention for your business.

Other Services

Get more than a tax return!
We can use your tax return and other information to assist you with other financial matters.

Among the other services we provide are the following: