Keeping good records after you file your taxes is a good idea, as they can serve as "backup" if the IRS selects your return for an audit. Here are a few tips regarding record retention.

1. Normally, business tax records should be kept permanently while individual tax records should be kept for seven years.
2. Some documents - such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property - should be kept permanently.
3. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return for seven years
   • For example records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
4. For more information on what kinds of records to keep, please visit our Record Retention Guidelines.

Nonprofit organizations can benefit from social media in a number of ways, from simply having an online presence and utilizing videos to advance their cause, to using social media as an additional form of communication for current and future donors. The possibilities with social media are endless and only limited by the organization's creativity.  

While the majority of nonprofit organizations are knowledgeable about using Facebook, Twitter and other social media, only one in eight believes they have an effective social media strategy, according to a 2011 survey of 275 nonprofit organizations by Campbell & Co. consulting firm.

Of nonprofit organizations surveyed, only 12.5 percent said they were highly satisfied with their efforts in the social media realm and were constantly innovating. At the other extreme, 6.3 percent said social media is overwhelming to them and they don't know where to start, and another 7.9 percent said management does not see the value of social media.

In between, the majority of nonprofit associations, 55.5 percent, said they were knowledgeable and able to use social media, but could do a better job of using it. Many groups, 43.3 percent, say they do not have time to devote to social media.

Facebook was the most used and effective social media platform, according to the respondents, with Twitter and LinkedIn ranking lowest in terms of use and effectiveness.

Our 2012 Free Management Seminar Series has been a huge success and very well received!

On May 4th we will present "What Your Financial Reports Are Really Telling You."

Real-time information is king! Business owners need regular access to data that will uncover trends and deliver the information they need to make the best decisions. Join us and we will offer examples of key reports and how best to use them.

A light breakfast will be included.  Register TODAY as seating is limited!

What Your Financial Reports Are Really Telling You

WHEN:  Friday, May 4th from 8:00AM- 9:30AM

WHERE: Davis & Hodgdon Associates Offices: 33 Blair Park Rd, Suite 201, Williston, VT

REGISTRATION: Email Anna at anna@dh-cpa.com or call 802-878-1963

Please look for new seminar titles coming soon!

Did you know that there are over 500 million users of Twitter? It is the largest communications platform on the Web and arguably the best way to stay up to date on current events.

Being a client and/or referral of Davis & Hodgdon Associates entitles you to the benefit of receiving up-to-the-minute information via Twitter that impacts you and your business, so become a follower today! 

Subscribe to the Davis & Hodgdon Associates blog today and get access to information and resources posted weekly.  Simply visit: http://blog.dh-cpa.com/ and enter your email address in the "Get Email Updates" field.