Here are the answers to some of the most Frequently Asked Questions our firm receives.

Q. How long do I need to keep my tax records?
A. The simple answer is at least 5 years from the filing date of your tax returns.A more complete answer is to consider you have other needs for this information such as for insurance and financial puposes. So:1) Keep tax returns forever. 2) Keep all purchase information on assets and investments for at least 5 years after the date you sell the asset including your home. 3) Keep necessary invoices and product guarantees on assets you possess for warranty and insurance purposes.

Q. When I sell stock what information do I need for my tax return?
A. You need to provide us with the broker statement sent to the IRS, form 1099-B and information to show the original purchase price and date you acquired the stock.Sometimes you need to give us information about corporate mergers, splits and stock splits. We then have to spend time computing the basis of the stock.Call and ask us about how you can have your broker send a copy directly to us to facilitate the preparation of your return.

Q. What does marginal tax bracket mean and where can I find mine?
A. Your marginal tax bracket can be found on the bottom of your tax summary sheet both Federal and State that we supply each year.It means the rate of tax you pay/save on the next amount of income you earn or deduction you claim. We use this rate to give you a simple answer to your questions when you ask us what will you pay in tax if you take more out of your IRA or if you decide to make a larger charitable deduction. You have to be aware of Alternative Minimum Tax and other issues.