Weatherford Democrat

Aledo ExtrA

February 2, 2014

EXTENSION NEWS: How long to store tax records?

(Continued)

• You file a fraudulent return; keep records indefinitely.

• You do not file a return; keep records indefinitely.

• You file a claim for credit or refund after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.

• You file a claim for a lost from worthless securities or bad debt deductions; keep records for 7 years.

• Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

• Keep records relating to property until the period of limitation expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization or depletion deduction and to figure the gain or losses when you sell or otherwise dispose of the property.

When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes.

For example, your insurance company or creditors may require you to keep them longer than the IRS does.

While you’re going through the files, you might want to go on the attack on other paperwork you may no longer need for record keeping tips and helpful information.

There is a record keeping guide at http://parker.agrilife.org/files/2014/01/Household-Record-Keeping-Tips.pdf or for a hard copy call 817-598-6168. Also there is good information on record keeping at http://publications.usa.gov/epublications/keeprecords/keeprecords.htm.

• Warranties. Keep these records, especially for big-ticket items such as vehicles and major appliances, for as long as you own the item in question.

• Records that are not easily replaceable, such as military service records, Social Security cards, birth and marriage certificates, property titles, and household inventories. These should be kept someplace safe — in a fire-, water- and burglar-proof safe, for example – or in a safety deposit box.

Keep record-keeping as simple as possible. Some people like to keep records in file folders (if you file your records alphabetically, they’re easy to find). Other people like to keep a box for warranty information, another for tax records and another for bank statements. Whatever works for you is the best option.

Source: Ohio State Cooperative Extension and IRS.

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Aledo ExtrA
  • Plans move forward for new judge

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    July 31, 2014

  • Buchanan to step down as AISD head football coach

    Aledo ISD has announced a restructuring of the athletic department for the 2014 school year. At his request, Coach Tim Buchanan will become the fulltime athletic director so he may focus on the entire athletic program of the district as it continues to grow.

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  • Commissioner at odds with school district's demand for land

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    July 29, 2014

  • 0729 better coach tattoo.jpg An unforgettable state championship

    Corey Kiser and Riley Sartain, members of Aledo High School’s state champion softball team, honored by trustees last week, are to blame for the 10-3 tattoo on the finger of their coach, Jeff Lemons.

    July 29, 2014 1 Photo

  • Firefighter arrested for child sexual assault

    A volunteer Hudson Oaks firefighter is in the Parker County Jail on charges he repeatedly sexually assaulted two young relatives over a several year period.
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    July 29, 2014

  • Fire protection improving in Aledo

    Stephen Watson, interim chief of Emergency Services District No. 1, briefed the Aledo City Council on improvements to the city’s fire protection — including the purchase of a site for a new fire station — in Thursday night’s Aledo City Council session.

    July 29, 2014

  • Aledo ISD trustees affirm hiring policy

    The Aledo ISD School Board affirmed a policy delegating the hiring of most school personnel to the administration by a 4-1 margin last week, with trustees Jay Stringer, David Tillman, Hoyt Harris and Steve Bartley voting in favor and trustee Bobby Rigues arguing that the board should retain the responsibility.

    July 29, 2014

  • Aledo coffee shop helps support the troops

    HUDSON OAKS — Wild West Splash Kingdom was the host of military members and military supporters the night of Saturday, July 19, during ‘Salute the Troops,’ sponsored by Holy Grounds Coffee and Gifts in Aledo and Ducerus College Planning.

    July 29, 2014

  • Calendar of events

    Aug 2-23
    Movies!

    Holy Grounds Coffee & Gifts, at 108 Jearl Street, is hosting a series of outdoor movies in their parking lot at 8:30 p.m. on Saturdays through Aug. 23.
    Admission is free and feature drinks are half price during the films. “The Amazing Spiderman” is  Aug. 2, followed by “Tangled” on Aug. 9, “The Lego Movie” on Aug. 16 and “The Avengers” on Aug. 23.
    For more information, call 817-440-7770.

    July 29, 2014

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