Tax Services | Grand Blanc, MI

TRACK YOUR REFUND

Find out when you'll receive your federal and state refund.

When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you choose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.

You can check the status of your refund by clicking on the links below.

Check your Federal Refund... When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you choose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.

You can check the status of your refund by clicking on the links below.

Check your Federal Refund... click here

Check your State Refund...

TAX DUE DATES

Please note the following tax due dates on your calendar, and come back often to keep up with the changes.

February 2022

February 10

Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2021 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.

Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2021. This tax due date applies only if you deposited the tax for the year in full and on time.

Farm Employers - File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2021. This due date applies only if you deposited the tax for the year in full and on time.

Employers - Federal unemployment tax. File Form 940 for 2021. This due date applies only if you deposited the tax for the year in full and on time.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2021. This due date applies only if you deposited the tax for the quarter in full and on time.

February 15

Individuals - If you claimed exemption from income tax witholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

Businesses - Give annual information statements to recipients of certain payments made during 2021. You can use the appropriate version of Form 1099 or other information return. This due date applies only to payments reported on Form 1099-B, Form 1099-S, and substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 10 of Form 1099-MISC.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.

February 16

Employers - Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2021, but did not give you a new Form W-4 to continue the exemption this year.

February 28

Health Coverage Reporting to IRS - If you are an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you are filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31.

Businesses - File information returns (for example, certain Forms 1099) for certain payments you made during 2021. However, Form 1099-NEC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.

If you file Forms 1097, 1098, 1099 (except a Form 1099-NEC reporting nonemployee compensation), 3921, 3922 or W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms generally remains January 31.

Payers of Gambling Winnings - File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2021. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains January 31.

Large Food and Beverage Establishment Employers - with employees who work for tips. File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically your due date for filing them with the IRS will be extended to March 31.

March 2022

March 1

Farmers and Fishermen - File your 2021 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15 (April 19 if you live in Maine or Massachusetts) to file if you paid your 2021 estimated tax by January 18, 2021.

March 2

Health Coverage Reporting to Employees - If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals.

March 10

Employees who work for tips. - If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.

March 15

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.

Partnerships - File a 2021 calendar year income tax return (Form 1065). Provide each partner with a copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K1 (Form 1065) by September 15.

S Corporations - File a 2021 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then file the return, pay any tax, interest, and penalties due and provide each shareholder with a copy of their Schedule K-1 by September 15.

S corporation election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2022. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2023.

March 31

Electronic Filing of Forms - File Forms 1097, 1098, 1099 (except Form 1099-NEC), 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. The due date for giving the recipient these forms generally remains January 31.

Electronic Filing of Form W-2G - File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2021. This due date applies only if you electronically file. The due date for giving the recipient these forms remains January 31.

Electronic Filing of Forms 8027 - File copies of all the Forms 8027 you issued for 2021. This due date applies only if you electronically file.

Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1095-B - If you're an Applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS.

April 2022

April 11

Employees - who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.

April 18

Individuals - File an income tax return for 2021 (Form 1040 or Form 1040-SR) and pay any tax due. If you live in Maine or Massachusetts, you may file by April 19. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return and pay what you estimate you owe in tax to avoid penalties and interest. Then file Form 1040 or Form 1040-SR by October 17.

Household Employers - If you paid cash wages of $2,300 or more in 2022 to a household employee, file Schedule H (Form 1040 or Form 1040-SR) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040 or Form 1040-SR) if you paid total cash wages of $1,000 or more in any calendar quarter of 2020 or 2021 to household employees.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.

Individuals - If you are not paying your 2022 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2022 estimated tax. Use Form 1040-ES.

Corporations - File a 2021 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.

Corporations - Deposit the first installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

May 2022

May 2

Employers - Federal unemployment tax. Deposit the tax owed through March if more than $500.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2022. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

May 10

Employees - who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.

May 16

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.

June 2022

June 10

Employees - who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.

June 15

Individuals - If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 or Form 1040-SR by October 17.

However, if you are a participant in a combat zone you may be able to further extend the filing deadline.

Individuals - Make a payment of your 2022 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2022.

Corporations - Deposit the second installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

July 2022

July 11

Employees - who work for tips. If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.

July 15

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

August 2022

August 1

Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500.

Employers - If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2021. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2022 but less than $2,500 for the second quarter.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.

August 10

Employees - who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2022. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.

August 15

Employer - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.

September 2022

September 12

Employees - who work for tips. If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.

September 15

Individuals - Make a payment of your 2022 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2022.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.

S Corporations - File a 2021 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

Partnerships - File a 2021 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1.

Corporations - Deposit the third installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.

October 2022

October 11

Employees - who work for tips. If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.

October 17

Individuals - If you have an automatic 6-month extension to file your income tax return for 2021, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September.

Corporations - File a 2021 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.

October 31

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2022. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2022 but less than $2,500 for the third quarter.

Employers - Federal Unemployment Tax. Deposit the tax owed through September if more than $500.

November 2022

During November

Employers - Income tax withholding. Encourage employees to fill out a new Form W-4 for 2023 if they experienced any personal or financial changes. The 2023 revision of Form W-4 will be available on the IRS website by mid-December.

November 10

Employees - who work for tips. If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2022. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.

November 15

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

December 2022

December 12

Employees - who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.

December 15

Corporations - Deposit the fourth installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

TAX RATES

Tax rates change every year. Take a look at this year's tax rates.

2022 Tax Rates - Single Taxpayers - Standard Deduction $12,950	2021 Rates

10%	0 to $10,275
12%	$10,275 to $41,775
22%	$41,775 to $89,075
24%	$89,075 to $170,050
32%	$170,050 to $215,950
35%	$215,950 to $539,900
37%	Over $539,900

2022 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $25,900

10%	0 to $20,550
12%	$20,550 to $83,550
22%	$83,550 to $178,150
24%	$178,150 to $340,100
32%	$340,100 to $431,900
35%	$431,900 to $647,850
37%	Over $647,850

2022 Tax Rates - Married Filing Separately - Standard Deduction $12,950

10%	0 to $10,275
12%	$10,275 to $41,775
22%	$41,775 to $89,075
24%	$89,075 to $170,050
32%	$170,050 to $215,950
35%	$215,950 to $323,925
37%	Over $323,925

2022 Tax Rates - Head of Household - Standard Deduction $19,400

10%	0 to $14,650
12%	$14,650 to $55,900
22%	$55,900 to $89,050
24%	$89,050 to $170,050
32%	$170,050 to $215,950
35%	$215,950 to $539,900
37%	Over $539,900

2022 Tax Rates - Estates & Trusts

10%	0 to $2,750
24%	$2,750 to $9,850
35%	$9,850 to $13,450
37%	Over $13,450

Social Security	2022 Tax Rates
Social Security Tax Rate: Employers	6.2%
Social Security Tax Rate: Employees	6.2%
Social Security Tax Rate: Self-Employed	15.3%
Maximum Taxable Earnings	$147,000
Medicare Base Salary	Unlimited
Medicare Tax Rate: Employers	1.45%
Medicare Tax Rate: Employees	1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)	0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)	3.8%

Miscellaneous	2022 Tax Rates
Business expensing limit: Cap on equipment purchases	$2,700,000
Business expensing limit: New and Used Equipment and Software	$1,080,000
Qualified Business Income threshold amount:	$170,050 (single and head of household); $340,100 (married filing joint return)
Qualified Small Employer Health Reimbursement Arrangement limit:	$5,450 (single coverage); $11,050 (family coverage)
Prior-year safe harbor for estimated taxes of higher-income	110% of your 2021 tax liability
Standard mileage rate for business driving	58.5
Standard mileage rate for medical driving	18
Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station	18
Standard mileage rate for charitable driving	14
Child Tax Credit	$3,000 to $3,600
Unearned income maximum for children under 19 before kiddie tax applies	$1,150
Maximum capital gains tax rate for taxpayers with income up to $41,675 for single filers, $83,350 for married filing jointly	0%
Maximum capital gains tax rate for taxpayers with income above $41,675 for single filers, $83,350 for married filing jointly	15%
Maximum capital gains tax rate for taxpayers with income above $459,750 for single filers, $517,200 for married filing jointly	20%
Capital gains tax rate for unrecaptured Sec. 1250 gains	25%
Capital gains tax rate on collectibles	28%
Maximum contribution for Traditional/Roth IRA	$6,000 if under age 50, $7,000 if 50 or older
Maximum employee contribution to SIMPLE IRA	$14,000 if under age 50, $17,000 if 50 or older
Maximum Contribution to SEP IRA	25% of eligible compensation up to $61,000
401(k) maximum employee contribution limit	$20,500 if under age 50, $27,000 if 50 or older
Estate tax exemption	$12,060,000
Annual Exclusion for Gifts	$16,000

Education	2022 Tax Rates
American Opportunity Credit (per student)	$2,500
Lifetime Learning Credit (per return)	$2,000
Student Loan Interest Deduction	$2,500
Coverdell Education Savings Account Contribution	$2,000
Source: IRS Revenue Procedure 2021-45

Standard Meal Rates for Family Child Care Providers for income tax returns

Continental U.S.	2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast	$1.40
For each lunch or supper	$2.63
For each snack (up to 3 per day for each child)	$0.78

Alaska	2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast	$2.23
For each lunch or supper	$4.26
For each snack (up to 3 per day for each child)	$1.27

Hawaii	2021-22 Tax Rates (July 1, 2021-June 30, 2022)
For each breakfast	$1.63
For each lunch or supper	$3.08
For each snack (up to 3 per day for each child)	$0.91
Source: Federal Register

TAX FORMS & PUBLICATIONS

Quickly view and print any IRS tax form or publication. Saves a trip to the post office.

The publications listed below are located on the IRS Web site and require Adobe Acrobat Reader to view. Visit the Adobe Web Site to install the latest version of Acrobat Reader.

Click a publication to view it online.

Tax Glossary	Tax Glossary
Schedule K-1 (Form 1065)	Schedule K-1 (Form 1065)
Schedule K-1 (Form 1120)	Schedule K-1 (Form 1120)
Schedule K-1 (Form 1041)	Schedule K-1 (Form 1041)
Publication 1	Your Rights As a Taxpayer
Publication 3	Armed Forces' Tax Guide
Publication 15	Circular E, Employer's Tax Guide
Publication 15A	Employer's Supplemental Tax Guide
Publication 15B	Employer's Tax Guide to Fringe Benefits
Publication 17	Your Federal Income Tax
Publication 51	Circular A, Agricultural Employer's Tax Guide
Publication 54	Tax Guide for U.S. Citizens and Resident Aliens Abroad
Publication 80	Circular SS - Federal Tax Guide for Employers in the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands
Publication 225	Farmer's Tax Guide
Publication 334	Tax Guide for Small Business
Publication 463	Travel, Entertainment, Gift, and Car Expenses
Publication 501	Exemptions, Standard Deduction, and Filing Information
Publication 502	Medical and Dental Expenses
Publication 503	Child and Dependent Care Expenses
Publication 504	Divorced or Separated Individuals
Publication 505	Tax Withholding and Estimated Tax
Publication 509	Tax Calendars
Publication 510	Excise Taxes (Including Fuel Tax Credits and Refunds)
Publication 514	Foreign Tax Credit for Individuals
Publication 515	Withholding of Tax on Nonresident Aliens and Foreign Corporations
Publication 516	U.S. Government Civilian Employees Stationed Abroad
Publication 517	Social Security and Other Information for Members of the Clergy & Religious Workers
Publication 519	U.S. Tax Guide for Aliens
Publication 521	Moving Expenses
Publication 523	Selling Your Home

Publication 524	Credit for the Elderly or the Disabled
Publication 525	Taxable and Nontaxable Income
Publication 526	Charitable Contributions
Publication 527	Residential Rental Property (Including Rental of Vacation Homes)
Publication 529	Miscellaneous Deductions
Publication 530	Tax Information for First-Time Homeowners
Publication 531	Reporting Tip Income
Publication 535	Business Expenses
Publication 536	Net Operating Losses
Publication 537	Installment Sales
Publication 538	Accounting Periods and Methods
Publication 541	Partnerships
Publication 542	Corporations
Publication 544	Sales and other Dispositions of Assets
Publication 547	Casualties, Disasters, and Thefts
Publication 550	Investment Income and Expenses (Including Capital Gains and Losses and Mutual fund Distributions)
Publication 554	Tax Guide for Seniors
Publication 555	Community Property
Publication 556	Examination of Returns, Appeal Rights, and Claims for Refund
Publication 557	Tax-Exempt Status for Your Organization
Publication 559	Survivors, Executors and Administrators
Publication 560	Retirement Plans for Small Business
Publication 570	Tax Guide for Individuals With Income from U.S. Possessions
Publication 571	Tax-Sheltered Annuity Programs for Employees of Public Schools and Certain Tax-Exempt Organizations
Publication 575	Pension and Annuity Income
Publication 583	Starting a Business and Keeping Records
Publication 587	Business Use of Your Home (Including Use by Day-Care Providers)
Publication 590-A	Contributions to Individual Retirement Arrangements (IRAs)
Publication 590-B	Distributions to Individual Retirement Arrangements (IRAs)
Publication 595	Capital Construction Fund for Commercial Fishermen

Publication 596	Earned Income Credit
Publication 598	Tax on Unrelated Business Income of Exempt Organizations
Publication 721	Tax Guide to U.S. Civil Service Retirement Benefits
Publication 901	U.S. Tax Treaties
Publication 907	Tax Highlights for Persons With Disabilities
Form 911	Request for Taxpayer Advocate Service Assistance
Publication 915	Social Security and Equivalent Railroad Retirement Benefits
Publication 925	Passive Activity and At-Risk Rules
Publication 926	Household Employers Tax Guide
Publication 929	Tax Rules for Children and Dependents
Publication 936	Home Mortgage Interest Deduction
Publication 939	General Rule for Pensions and Annuities
Publication 946	How to Depreciate Property
Publication 957	Reporting Back Pay and Special Wage Payments to the Social Security Administration
Form 8839	Qualified Adoption Expenses
Publication 969	Health Savings Accounts and Other Tax-Favored Health Plans
Publication 970	Tax Benefits for Education
Publication 1212	Guide to Original Issue Discount (OID) Instruments
Publication 1345	Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns
Publication 1544	Reporting Cash Payments of Over $10,000
Publication 4557	Safeguarding Taxpayer Data - A Guide for Your Business

RECORD RETENTION GUIDE

Use this guide to determine how long you need to keep your tax and other financial records.

Storing tax records: How long is long enough?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

Business Records To Keep...	Personal Records To Keep...
1 Year	1 Year
3 Years	3 Years
6 Years	6 Years
Forever	Forever

Special Circumstances

Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.

Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).

You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.

Caution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.

Business Documents To Keep For One Year

Correspondence with Customers and Vendors
Duplicate Deposit Slips
Purchase Orders (other than Purchasing Department copy)
Receiving Sheets
Requisitions
Stenographer's Notebooks
Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
General Correspondence
Internal Audit Reports
Internal Reports
Petty Cash Vouchers
Physical Inventory Tags
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees

Business Documents To Keep For Six Years

Accident Reports, Claims
Accounts Payable Ledgers and Schedules
Accounts Receivable Ledgers and Schedules
Bank Statements and Reconciliations
Cancelled Checks
Cancelled Stock and Bond Certificates
Employment Tax Records
Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases
Expired Option Records
Inventories of Products, Materials, Supplies
Invoices to Customers
Notes Receivable Ledgers, Schedules
Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers
Purchasing Department Copies of Purchase Orders
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

Audit Reports from CPAs/Accountants
Cancelled Checks for Important Payments (especially tax payments)
Cash Books, Charts of Accounts
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents substantiating fixed asset additions
Deeds
Depreciation Schedules
Financial Statements (Year End)
General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Revenue Agents' Reports
Journals
Legal Records, Correspondence and Other Important Matters
Minute Books of Directors and Stockholders
Mortgages, Bills of Sale
Property Appraisals by Outside Appraisers
Property Records
Retirement and Pension Records
Tax Returns and Worksheets
Trademark and Patent Registrations

Personal Documents To Keep For One Year

Bank Statements
Paycheck Stubs (reconcile with W-2)
Canceled checks
Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)

Personal Documents To Keep For Three Years

Credit Card Statements
Medical Bills (in case of insurance disputes)
Utility Records
Expired Insurance Policies

Personal Documents To Keep For Six Years

Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Property Records / Improvement Receipts
Sales Receipts
Wage Garnishments
Other Tax-Related Bills

Personal Records To Keep Forever

CPA Audit Reports
Legal Records
Important Correspondence
Income Tax Returns
Income Tax Payment Checks
Investment Trade Confirmations
Retirement and Pension Records

Special Circumstances

Car Records (keep until the car is sold)
Credit Card Receipts (keep with your credit card statement)
Insurance Policies (keep for the life of the policy)
Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
Pay Stubs (keep until reconciled with your W-2)
Property Records / improvement receipts (keep until property sold)
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Warranties and Instructions (keep for the life of the product)
Other Bills (keep until payment is verified on the next bill)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

STATE TAX FORMS

Quickly print the tax forms you need from any State in the country.

USA Map — Grand Blanc, MI — Darby Tax Service

1040 TAX CALCULATOR

How much tax will you pay this year? Will you get a refund? Enter your filing status, income, deductions and credits we will estimate your total taxes for the year.