Month: May 2019

How Long Should You Keep Tax Records?

Written by Paul Belfiore on May 24, 2019. Posted in Blog, Taxes.

Amherst Resident Looking to Spring Clean

According to the IRS, federal tax returns should be kept a minimum of three years. The IRS only has three years to assess additional taxes, and taxpayers have three years to make additional claims. Investment forms, such as retirement documents, should be kept at least seven years. Bank statements and pay stubs should be kept for two years or more.

Are Your Tax Withholdings Accurate?

Written by Paul Belfiore on May 10, 2019. Posted in Blog, Taxes.

Brookline Resident Finds Out the Hard Way

The amount of taxes withheld from your paycheck is a science, withhold too little and you get hit with a big tax bill. Too much and you miss out on extra cash throughout the year. For employees, the W-4 is what largely determines how much tax is held. Factors that may make you want to revisit your tax withholding include a change in marriage status, dependents, home ownership, or a change in your spouse’s employment.