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.