Questions: What kind of software do most of our clients use to keep their books? How often should I upgrade my QuickBooks? Where do I mail my individual estimate payments? What is EFTPS? Why do I have to fill out the tax organizer? What are the 2009 Social Security and SDI base amounts? What is the amount those below retirement can earn before returning Social Security benefits? What is the standard mileage deduction? How long should I keep my records? Answers: What kind of software do most of our clients use to keep their books? The most commonly used software is QuickBooks although others use Peachtree and some have custom software made in-house. Top How often should I upgrade my QuickBooks? At least every two years. Top Where do I mail my individual estimate payments? IRS: Make check payable to the United States Treasury and mail to P.O. Box 510000, San Francisco, CA 94161-5100 FTB: Make check payable to the Franchise Tax Board and mail to P.O. Box 942867, Sacramento, CA 94267-0031 Top What is EFTPS? Electronic Filing Tax Payment Service used by the IRS to receive payments from businesses for multiple types of tax. Top Why do I have to fill out the tax organizer? We use it as a tool for gathering all the information we need to prepare your return accurately. It also informs us of any changes that may have occurred during the year that affect your return. Top What are the 2009 Social Security and SDI base amounts? The 2009 Social Security Wage Limit is $106,800. The 2009 State Disability Insurance maximum wage base is $90,669. Top What is the amount those below retirement can earn before returning Social Security benefits? The 2008 earnings limit to not have to pay back is $13,560. Top What is the standard mileage deduction? For 2009 the business deduction is 55 cents per mile, charitable deduction is 14 cents per mile, and medical and moving deduction is 24.0 cents per mile. Top How long should I keep my records? Just how long you should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal returns can be audited for up to three years after filing (six years if underreported income is involved), so all records substantiating tax deductions should be kept at least that long. Here are recommended retention periods for various records: Records Retention Period Cancelled or substitute checks 7 years Credit card receipts 7 years Paid Invoices 7 years Bank deposit slips 7 years Bank statements 7 years Tax returns (generally) 7 years Employment tax returns 7 years Expense records 7 years Financial statements Permanent Contracts Permanent Minutes of meetings Life of company plus 7 years Corporate stock records Permanent Employee records Period of employment plus 7 years Depreciation schedules Life of assets plus 7 years Real estate records Ownership period plus 7 years Journal & general ledger Life of business plus 7 years Inventory records 7 years Investment records Ownership period plus 7 years Home purchase and improvement records Ownership period plus 7 years Requirements for computer-maintained records are generally the same as for manually kept records. Top