Monday, August 16, 2010

Questions for the Tax Lady: August 16th, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: How long should I keep my business receipts?

Generally speaking, you should keep all business receipts for at least three years. However, you should try to keep other financial documents – such as your business tax returns – for at least five years.

Question #2: Is it possible to get copies of my old tax returns?

Yes. You can request an official copy of your old tax returns using IRS Form 4506. However, there is a $57 fee for each tax return you request. Alternatively, you could request a tax return transcript or tax account transcript from the IRS free of charge by filling IRS Form 4506T-EZ.

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