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Video tip: How Long Should You Keep Old Tax Records?

This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Watch this video for an overview. 
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The Latest COVID-19 News for Taxpayers and Small Business Owners

As the whole world grapples with the personal, professional, and economic fallout of the COVID-19 outbreak, we wanted to help our tax and small business clients stay up to date on the latest news affe...
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Back-Door Roth IRAs

Article Highlights: Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The "All IRAs Are On...
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Day Care Providers Enjoy Special Tax Benefits

Article Highlights: Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other DeductionsA taxpayer who is in the business of providing family day care in their home m...
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Unemployment Refunds Are Being Sent Out

Did you miss the $10,200 unemployment benefit exclusion on your tax return? No worry, the IRS has started reprocessing and sending refunds back to affected taxpayers. For more information, watch this ...
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Sole Proprietorships - Don't Overlook the Liability Issues

Article Highlights: Reporting Sole Proprietorships on Your 1040 Business Checking Account Local Business Licenses Resale Permits & Payroll Reporting Personal Liability Limited Liability Company Re...
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Independence Financial Services
1410 Shore Road
Northfield, NJ 08225