With the approach to the summer season, all of those summer activities come out to delve into our time. When you are building a small business, it usually means that you have to steal that extra time from somewhere and it usually comes from that paperwork you should be taking care of. After all, summer is prime time for vacations and a slower pace, but that often means finances take a back seat too.
One of the common problems I face helping people with there taxes is helping them get their withholding correct so they don't end up owning the IRS at the end of the year. So how can you fine-tune your withholding and estimated tax payments for 2026?
One of the most often questions I get from clients is how long to keep their tax returns and records. Most people think the proper answer is seven years. But, it is a little more complicated than that. That is because those forms, receipts, canceled checks, and other documents could be needed later. The IRS generally has three years after the due date of your return (or the date you file it, if later) to initiate an audit — that hasn't changed.