2018 Tax Tables:
Retain your tax return and supporting documentation, including summaries, cancelled checks, receipts and 1099s for 6 years. Any assets that you hold, keep the records permanently.
"You should keep your returns at least three years. As a general rule, that's how long the Service has to question items on your return and to bill you for any additional tax. It's also the time frame for you to file an amended return and seek a refund. IRS can go back up to six years if over 25% of income is omitted. If fraud is proved, there is no limit."
-Excerpt from The Kiplinger Tax Letter Vol. 93, No. 13-
The business mileage rate is 54.5 cents per mile.
The medical and moving mileage rate is 18 cents per mile.
The charitable mileage rate is 14 cents per mile.
What is Basis?
Basis is a tax term that refers to the base value of acquired property.
2018 Mileage Rates:
If you need Information on a return that has been thrown out use the free Get Transcript online tool on IRS's website to view and print a summary of key tax information. Alternatively, call toll-free 800-908-9946 to order or submit Form 4506-T by mail.
People Seeking copies of actual tax returns must request them by mail using form 4506. You can only get the past six years of returns from the Service. There's a $50 fee per return.
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New Versus Old Tax Law:
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