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NON-CASH DONATIONS

Donating unwanted or unused items is a great tax deduction if you file a Schedule A and itemize on you tax return. There are several organizations that will even pick up these donated items for you! Here are some easy-to-follow tips regarding these donations: 1) Utilize a donation guide that helps you estimate the values…

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TAX RECORDS – HOW LONG DO I KEEP THEM?

A common question I get every year is, “How long to I need to keep my tax record for?” I tell my clients this: Keep seven years of tax returns and three years of backup documentation. The IRS can only go back three years to audit. However, if they suspect fraud, the IRS can go…

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APPROACHING THE END OF THE YEAR

Here we are, already in November! Now is the time to start thinking about tax-saving strategies to help save you money before the end of the year. For Arizona residents who itemize on their tax returns, a great way to save money is to donate to one of the several tax credits available to us!…

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