YOUR QUESTIONS ANSWERED

Our firm is happy to help our clients with all their tax and accounting questions. Below are some of the most frequently asked. Remember, everyone’s tax and financial situation is different! If your question isn’t addressed here, and you’d like to talk to someone about a specific issue, please get in touch with us.


How Do I Handle My Mother’s Estate?

QUESTION: Dear Taxman – I am the administrator of my Mother’s estate. All she owned at the time of her death was her car, her house and a few investments which were all sold at a loss. Am I required to file an estate income tax return? ANSWER: Dear Reader – An estate tax return, form… Continue Reading

Donations to Non-Profits

QUESTION: Dear Taxman – I donate money to different non-profit organizations. Every year my Tax Preparer deducts some but not all of them. I thought donations to all non-profit groups were tax deducible. ANSWER: Dear Reader – Non-profit groups don’t pay income taxes on money you give them. That does not mean you get a… Continue Reading

When should I refinance my home?

QUESTION: Dear Taxman – When should I refinance my home? ANSWER: Dear Reader – Refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. Talk to several lenders to find out the current refinancing rates and what costs are associated… Continue Reading

How Long Do I Keep Tax Records?

QUESTION: Dear Taxman – How long am I required to keep my tax records? ANSWER: Dear Reader – You should save all your income tax records for the current year and six previous years. Certain tax records like your income tax returns should be kept permanently. Property settlement transaction documents should be kept for four… Continue Reading