Updated July 28, 2015 How Long To Keep Tax Records Chicago Illinois The general rule for keeping records is at the Federal or IRS Level, seven years, and at The State Level, nine years. This amount of time is calculated from the filing date of the...
Updated July 28, 2015 Which Tax Records To Keep Chicago Illinois The short answer is everything. If it looks, acts, or even smells like an accounting record, keep it. There simply isn’t anything that I can think of that’s a reasonable...
Updated July 28, 2015 Should I Do My Own Financial Statement Chicago Illinois Unless you are a degreed accountant with many years of taxation experience, the answer is no. Just because you can write a check and make a deposit in a general ledger program,...
Updated July 28, 2015 Basic Accounting Procedures Chicago Illinois Where do we begin? Capture the evidence. Create a fair accounting of the entity in question. Prepare a tax return inside existing tax law. Document everything. That’s about a...
Updated July 8, 2015 Is commingling funds illegal? Yes. If you have more than one taxpaying entity, the entities must be kept completely separate. A corporation, for example, is a living, breathing entity under the law. It has its own social security number,...
