Friday, March 23, 2007

Tax Season as it applies to Trade Shows

I know you're wondering what do tax season and trade shows have in common? Well, I'll answer that shortly. But, for those who would like a few tips concerning what to save and what to throw out the following article is enlightening.

First things first: Keep your copy of the tax return forever. You never know when it'll come in handy. Remember that, in many cases, the IRS destroys the original returns after four or five years. It's always best to have your copy to fall back on.

Cancelled checks, deposit statements, and receipts should generally be kept for at least three years -- seven years is best, though. Note, though, that if a receipt is for something that won't appear on your tax return for several years (such as home improvements), then you'll want to hang on to it for at least three to seven years beyond when it appears on your return.
Stock trade confirmation receipts/ statements should be kept for at least three years after both ends of the transaction (both buy and sell) have closed. Again, keeping them for five or seven years is even better.

Keep proof of improvements to your property until at least three years (preferably seven) after the sale of the property, to prove your basis in the property when it is sold. This is true for rental property, investment property, and even your own personal residence.

To learn more just click through to the article post. As for the correlation between tax season and trade shows, A Smash Hit Displays act as a taxpayer when it comes to saving graphic files. We file away customer graphics just in case they come calling a year later to have their graphics spruced up or printed as is. The easy action would be to discard of the files after printing but you never know when they might come in handy. And, the customer is always amazed and appreciative because they don't have to invest the graphic time all over again for the new display. So, the lesson learned in both arenas; to keep 'all' your records on file for you never when the man might come calling.

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