TRADITION WEALTH MANAGEMENT Tradition Wealth Management has entered its 17th year of guiding our clients. We are an independent financial planning and investment management firm. Our team of professionals provide an impartial approach to asset management as we have a fiduciary duty to act in the best interest of our clients at all times. Since our last newsletter, Eric Peyton has moved into the Wayzata office, and our North Oaks office will be opening very soon. We are currently seeking quality advisors to help grow TWM into the future.
as well as the I.R.S.’s capability to assess additional tax for that tax year. The agency advises every taxpayer to retain tax records for at least three years. If you file a claim for a loss from worthless securities or bad debt deduction, the recommendation is seven years. If you have tax records pertaining to real estate transactions, you should keep them until you either sell or transfer the property, which could
mean holding on to them for as long as you live. As a last note, a tax professional, attorney, insurer, or creditors may prefer that you retain your business or personal tax records for longer than the 3-7 years the I.R.S. recommends, depending on your financial, legal, or business situation. - John Hause | Investment Advisor, Partner Tradition Wealth Management
RETAINING YOUR TAX RECORDS How long should you keep your income tax forms around? An old adage says seven years, but there is no simple answer to that question. The Internal Revenue Service advises you to hang on to your 1040 forms and other federal tax forms until the period of limitations applying to them runs out – in other words, until the deadline to amend your return passes
For more information, call 952-563-6500
Securities offered through ProEquities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Tradition Wealth Management, LLC, a Registered Investment Advisor. Tradition Wealth Management, LLC, ProEquities, Inc., and all other Tradtion-branded companies are independent entities.
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Source: irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records [5/1/19]
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