April 16, 2010

Random thoughts on the end of Tax Season for 2010:

  1. How long must you keep your tax records? Generally you should retain your tax records for three years from date of filing. So if you filed your 2009 return yesterday, you should retain access to a copy until April 15, 2013. Because the period is only three years, some people might think 2009 returns need only be kept until the end of 2012. Easy shortcut: keep returns for 4 years.
  2. If you use our tax department, we give you either a paper or PDF copy of your return. If you don't keep that copy (or can't find it when you need it) you can always ask for an additional copy which we will provide whenever you might need it.
  3. This year 98 million tax returns were expected to be filed electronically. If filed on paper, those returns would amount to 1.1 billion sheets of paper. That much paper would take over 13,000 cords of wood to produce.
  4. Our office is quiet today, with no clients stopping by to wrap up their returns, and with our tax staff mostly off on well deserved vacations. Tax Manager Joe Arena is still here, tying up loose ends. We remain available year-round to answer your tax questions.
  5. Now I am glad to turn my attention from taxes to springtime!
GTC

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).