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Obamacare Tax Update

The Affordable Care Act, commonly known as Obamacare was enacted on March 23, 2010. Although both sides of the aisles have debated its constitutionality and long term viability, one thing is certain, it will tax consequences for each and everyone of us. Below I set out to guide you through the Affordable Care Act, devoid of any political discussion, focusing solely on its tax impact on you.

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2012 / 2013 Income Tax Planning / Tax Changes

This memo is a revision / update to our December 31, 2012 memo as Congress has concluded on some additional items. So if you haven’t read our previous one, you can delete it and read this one. The 2012 tax return process will be delayed due to these last minute changes. The law must be written, then the IRS must update the forms.

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How long to keep your income tax records?

Audits (or as the IRS calls them examinations) have been up over the past five years.  I’m sure someone in goverment has told the IRS to find more money as we all know the Federal government has a lot of debt.  So, if a taxpayer wants to prepare for an audit, how long should they keep their documents?   Our general answer is four years.  In general, the IRS as three years (regular statue of limitation) from the filing date to audit a tax return.  Most states have four years to audit as they want time to ee if the IRS audits a return.  If the IRS audits a tax return, and there are changes which require a taxpayer to pay more tax rest assured that the Federal government will tell the state(s). 

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