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Showing posts from July, 2016

Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise

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Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on your taxes. Bring the taxes you pay closer to the amount you owe. Here are some tips to help you come up with a plan: New Job. When you start a new job, you must fill out a Form W-4 , Employee's Withholding Allowance Certificate, and give it to your employer. Your employer will use the form to figure the amount of federal income tax to withhold from your pay. Use the IRS Withholding Calculator on IRS.gov to help you fill out the form. This tool is easy to use and it’s available 24/7. Estimated Tax. If you earn income that is not subject to withholding you may need to pay estimated tax . This may include income such as self-employment, interest, divi

We all seem to agree, it's TOO HOT outside!

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2016 Drought Declaration

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Release No. 0033.16 WASHINGTON, April 6, 2016 — The U.S. Department of Agriculture (USDA) has designated Custer County in Montana as a primary natural disaster area due to damages and losses caused by drought that occurred from March 1, 2015, and continues. “Our hearts go out to those Montana farmers and ranchers affected by recent natural disasters,” said Agriculture Secretary Tom Vilsack. “President Obama and I are committed to ensuring that agriculture remains a bright spot in our nation’s economy by sustaining the successes of America’s farmers, ranchers, and rural communities through these difficult times. We’re also telling Montana producers that USDA stands with you and your communities when severe weather and natural disasters threaten to disrupt your livelihood.” Farmers and ranchers in Carter, Fallon, Garfield, Powder River, Prairie and Rosebud counties in Montana also qualify for natural disaster assistance because their counties are contiguous. All counties listed above

Schedule of Record Retention

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How long do I have to keep this?!   We get that question all the time and we've collected a couple great links to help you de-clutter!  Unfortunately there's not an easy answer to the question, because it all depends on what kind of paperwork it is and retention periods can be anywhere from 1 year to indefinitely.  The Montana Secretary of State can give you information related to business and tax forms submitted to the state. The Internal Revenue Service offers information for small business and personal tax forms. Bankrate has created a simple chart for all your personal finance documents.   Don't forget that at Gardner & Billing CPAs we offer electronic storage solutions to help you go paperless!