There are a range of reasons to keep records. In addition to tax purposes, people may need to keep them for insurance purposes or for getting a loan. Good records is useful to: Identify sources of income. People may receive money or property from a variety of sources. Records help them determine the sources of income needed to separate business from non- business income and taxable from nontaxable income. Keep track of expenses. This will help taxpayers identify expenses

What is a tax deduction? A tax deduction helps you to lower taxable income, which results in reduces tax liability.

How to apply Unemployment Benefits? What is the amount that I can get? March 30 update: New federal law allows states to extend benefits to

The consequences coming from non-filed returns can be absolutely severe for noncompliance. Even if people don’t owe any tax, it still be extremely important to file. Let’s look at what happens unless people file tax returns. 1. Non-filling Letter As someone has a late tax return, the IRS will send out letter having an assortment of code numbers like CP515 , CP516 , CP518 and CP515B . Uncle Sam will eventually step up their aggressiveness in the matter and send a notice rela