How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. Click here for information contains the periods of limitations that apply to income tax returns.
Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
I'm getting sales pitches for "cloud" computing, but I'm not sure what exactly it is or how it would benefit my service company.
What exactly are we talking about? The "cloud" is an IT term for the Internet, and cloud computing or cloud integration, means storing and having access to your computer data and software on the Internet, rather than running it on your personal computer or office server. In fact, if you use programs such as Gmail or Google docs, you may not realize you are already doing cloud computing.
Part of the confusion is that the terminology is rather vaporous, particularly for non-tech-savvy types, including many small business owners. And it does represent major shift in how businesses and individuals use and store digital information...
(excerpted from an article by Karen Klein for Business Week)
Click here for more information on Cloud Computing.
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