Here are the answers to some of the more Frequently Asked
Questions made to our firm. If you have any other questions,
please feel free to sign-in at our GUEST BOOK above. We will
get back to you as soon as
possible.Q. How long should I
keep my records?
A. The
best answer is to look at the kind of materials you should
save. INCOME TAX RETURNS & SUPPORTING
DOCUMENTS.........Keep at least 4 years.RESIDENTIAL PROPERTY
RECORDS....All purchase and sale statements plus receipts for
improvements should be kept for at least 4 years after the
property is sold.RETIREMENT PLAN CONTRIBUTIONS...Records of
non-deductible IRA Deposits, employer plan stock purchased,
rollovers, and Keogh plan deposits should be kept for 4 years
after the plan as
Q. Am I to be concerned
about Estate Taxes? Isn't it only a concern for people
with a lot of money?
A. Yes,
you should be concerned with Estate Taxes. Estate Tax
planning has a direct correlation to retirement planning and
Gift Taxes. If interested, please contact our offices
through this web site by clicking on CONTACT US.
Q. My spouse just
started working and we don't know how much we should
claim on thier withholding.
A. This
is a question that has many factors leading up to the answer
which is right for you. Do you have children who may be
claimed for child care credit or one of several educational
credits? Are you presently receiving a refund or not? How
much of your wife's new salary is needed for household
expenses? These are the kinds of questions which will lead
into setting the proper levels of withholding taxes. Please
use the Contact Us button to arrange for us to help you
answer this question.
Q. Why is it such a
problem when a teacher retires?
A. The
main cause of a tax concern when an educator retires is that
the school year ends in June, while the tax year ends in
December. This simply means that in the year of retirement,
half the teachers income is salary while the other half is
pension. This requires planning in order to assure the
teacher that the proper amount of withholding on the pension
is made. This is done specifically to avoid any UNDERPAYMENT
OF TAX penalties that can be imposed by both the Federal and
State agencies.
Q. I have to start to
put money aside for my children's college education. When
should I start; when is it too late; how much should I put
away?
A. Education Cost Planning
is a topic with which we are ready to help you. There are
investment plans available, that ease the "too late to
start" feeling. There are also ways in which the tax
laws are prepared to help defray the costs of education for
the entire family. There are many options available to you,
in order to build an educational nest egg. PC
BOOKKEEPING SERVICES has also built a strong network of
relationships with local brokers and investment advisors. We
will be happy to help you connect with these financial
experts in satisfying your investment concerns. If
interested, please contact our offices through this web
site.