‘Prevention is better than cure’ is one of the oldest phrases that we hear from time to time. In business when it comes to financial matters, it is important to keep records of all transactions as a precaution; be it small or a big transaction. The sole and the most important reason to perform business activities is to earn profit; increase the zeros in our bank accounts. At the same time, we want to make sure that no mistakes or problems occur while earning those hard earned dollars for IRS or anybody else to snatch it away from us. Hence we need a good record keeping system that can actually help you save money. Keeping records to maintain the progress of our business is just as important. As per the IRS, Keep records of all your Excise taxes for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. When it comes to tax 2290, it is important to maintain records for the following reasons: Continue reading
Record keeping, an important aspect of tax Filing!
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“According to the IRS, the wealthiest 400 Americans, who earned an average of roughly $270 million in 2008, paid an average tax rate of just 18.2 percent that year. That’s about the same rate paid by a single truck driver in Rhode Island” – Sheldon Whitehouse. Anyone in the Trucking Industry will sure accept to this. Along with the huge responsibility on the condition of the goods they carry on their heavy rigs because the loads that they transit are not their property but they take complete ownership of the timely delivery they also have to remember and take care of the taxes they owe.
Most of the drivers get nervous when they see the flashing lights of a police car on their rear view mirror. Of course, who would like to get pulled over when we are rushing towards our destiny? You like it or not it’s mandatory to show the officer that you are cooperating. The next second those lights come on, make sure that you are being observed and the way you react will decide whether you are going to end up in a problem or not. 
For every action, there is an equal and opposite reaction – Newton’s third law. Well let science do its job by either accepting or denying with Newton, but we at 