BRIAN T. STONER, CPA  

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June 1, 2016 

   

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 EMAIL NOW AT  bstonercpa@sbcglobal.net
  
2600 W. Olive Ave, 5th Floor
Burbank, CA 91505

 
I write a BLOG  called 'MUSINGS OF A BURBANK CPA' on Financial and Tax Items I feel are worth sharing!  You can access
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KEEPING TAX RECORDS AND USING THE 'RULE OF 72'
 
 Article one talks about how long you need to keep your tax documents and Article two using the 'Rule of 72' to give you an idea of investment returns and how long it takes to double your money.
     
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So How Long Do I Have to Keep This Stuff, Anyway?

 
So here is this time honored question - how long do I have to keep all my old income tax receipts?

What's the answer?  It may be a little more complicated than that.

The IRS statute of limitations (the time limit the IRS has to audit your taxes for any particular year) is three years from the date of filing.  Your state may have different rules (for instance, California's statute of  limitations is four years from the date of filing.)  Taking your state into account, and especially if you have filed an extension in the past (which can add up to six months onto the statute of limitations), so five years should be good, right?  But the IRS can go back six years if you are subject to the 25% understatement of tax or don't report more than $5,000 in foreign income, so now seven years is probably the safe answer.  But there is more information you may need to keep longer than the seven year time frame.

If you own a house (residence, rental or investment property), you need to keep documentation of all the improvements you made to the property, since you may have to show the auditors your cost basis so an accurate gain or loss can be calculated (even if you have the $500,000 exclusion on a principle residence, any gain above that is taxable!)

If you have investments, it is a good idea to keep cost basis on everything you have not sold.  Your broker probably has basis schedules on all your stocks you sell and will send it to you, but other assets you may have to keep track of.

Also, if your business has purchased furniture and equipment and depreciated them, it is important to keep cost information on them until they are fully depreciated.  And if you are amortizing points over the life of your mortgage, you should keep documents to prove the original amount of the points until they are written off.

So after all this, it comes down to the final point: if, after all this discussion, you think that there is information that if you throw it away it will come back to bite you, you might as well keep it (at least for seven years).  

Now wasn't that simple?



    
 
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Issue 99



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Member CalCPA
In This Issue
SO HOW LONG DO I HAVE TO KEEP THIS STUFF, ANYWAY?
WHAT IS THE RULE OF 72?

  

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          BRIAN T STONER, CPA

 

   

 
Accounting Employment Opportunities 
 
Pauline Casbon of Casbon & Associates, LLC is a professional recruiter I have known for quite a while. She is very professional and can help accountants looking for work get a new position as well as find accounting professionals for business and industry.
  
 
Full Time Job Opportunities: Contact Pauline Casbon at
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Tax Managers needed for Encino, Woodland Hills, West Los Angeles, Beverly Hills, Century City, Brentwood and Pasadena.     $$$ Competitive and top salary! Career track to Partnership if desired.

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Audit Manager, CPA for a great firm located in Pasadena and Immediate Hire! 

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Looking for immediate hires! 
 
I am looking to expand my client base, if you would like further information regarding my staffing services, please do not hesitate to call.  I am happy to visit your office which helps me gain an even better understanding of your firm's culture and staffing requirements.  Please review my website at

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Call 310 859 3805 for further information.  Send resume as a word attachment to :
  
   
 
What is the Rule of 72?
 
  
(This blog is a reprint of one I wrote a year ago talking about an investment tool to broadly predict an investment return.)

Well, you have an investment strategy that will earn a certain amount. How long do you have to use this strategy to double your money? You can either use software like TValue or a scientific calculator to come up with the exact amount of years, or you can use 'The Rule of 72!'
 
So now you ask, what is 'The Rule of 72?' (Glad that you asked.) It is an easy and approximate calculator someone can quickly use to either figure out how long it will take to double your money earning a fixed percentage annually or how much you have to earn to double your money in a certain time (?????)
 
Okay, you have $100,000 that you figure you can get a nine percent return on. Divide 72 by 9 and you get 8. It will take you eight years earning 9% to double your money. It is easy to use because 72 has a lot of whole number divisors (36, 18, 12, 9, 8, 6, 4, 2) so as a quick way to mentally come up with a time frame to double, it works very well. It is not exact (using a scientific calculator or software you would come up with 8.04 years earning 9 percent), but for a quick calculation it works well. It can also be used for other factors, like inflation. If inflation is 3.6%, how long would it take for inflation to half the value of the country's currency. The answer is about 20 years (72/3.6). 
 
Well, now you have some tools to quickly give you pointers on investing and inflation. Class dismissed, and don't say I never taught you anything!

 
 
  
   
  
    
 You Can Count On Us to Count For You!      


Brian T. Stoner, CPA 
2600 W. Olive Ave., 5th Floor
Burbank, CA 91505
(818) 333-5095  CELL (818) 317-6035
FAX (818) 566-1499
bstonercpa@sbcglobal.net
www.briantstonercpa.com