Client Information

Important Tax Dates for 2023 Tax Season

  • Monday, March 20, 2023- We MUST receive all your information to guarantee completion of your 2022 tax return by April 15, 2023.
  • Monday, April 3, 2023- We MUST receive notification via email to info@wmptaxgroup.com for a request to file an extension. Phone requests will not be accepted.
  • Friday, April 14, 2023- LAST DAY WE WILL ELECTRONICALLY FILE.
  • Friday, September 29, 2023- If on extension please have all your documents to us for completion of your 2022 tax return.
  • EXTENSION PAYMENTS- As a reminder, a timely filed extension only extends the time to file, not pay. Any tax liability owed is due by April 17th. You will be charged penalties and interest otherwise by the IRS.
  • ELECTRONIC FILING- Please note that we are required by the government to electronically file your tax returns. We must have the e-file Form 8879 signed by both taxpayers and returned to our office along with the engagement letter to submit your return electronically. Payment included with your forms is greatly appreciated.

Get to Know the Document Retention Guide

Storing tax records: How long is long enough?

April 15 has come and gone, and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?

Federal law requires you to maintain copies of your tax returns and to support documents for three years. This is called the "three-year law" and leads many people to believe they're safe, provided they retain their documents for this period.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud or you do not file a return, no period of limitation exists. To be safe, use the following guidelines.

Business Documents To Keep For One Year

  • Correspondence with Customers and Vendors
  • Duplicate Deposit Slips
  • Purchase Orders (other than Purchasing Department copy)
  • Receiving Sheets
  • Requisitions
  • Stenographer's Notebooks
  • Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Internal Reports
  • Petty Cash Vouchers
  • Physical Inventory Tags
  • Savings Bond Registration Records of Employees
  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Bank Statements and Reconciliations
  • Cancelled Checks
  • Cancelled Stock and Bond Certificates
  • Employment Tax Records
  • Expense Analysis and Expense Distribution Schedules
  • Expired Contracts, Leases
  • Expired Option Records
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries, including payment to pensioners
  • Plant Cost Ledgers
  • Purchasing Department Copies of Purchase Orders
  • Records related to net operating losses (NOL's)
  • Sales Records
  • Subsidiary Ledgers
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.
  • Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Cash Books, Charts of Accounts
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • General and Private Ledgers, Year End Trial Balances
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • IRS Revenue Agent Reports
  • Journals
  • Legal Records, Correspondence and Other Important Matters
  • Minutes Books of Directors and Stockholders
  • Mortgages, Bills of Sale
  • Property Appraisals by Outside Appraisers
  • Property Records
  • Retirement and Pension Records
  • Tax Returns and Worksheets
  • Trademark and Patent Registrations

Personal Documents To Keep For One Year

While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.

Personal Documents To Keep For Three Years

  • Credit Card Statements
  • Medical Bills (in case of insurance disputes)
  • Utility Records
  • Expired Insurance Policies

Personal Documents To Keep For Six Years

  • Supporting Documents For Tax Returns
  • Accident Reports and Claims
  • Medical Bills (if tax-related)
  • Sales Receipts
  • Wage Garnishments
  • Other Tax-Related Bills

Personal Records To Keep Forever

  • CPA Audit Reports
  • Legal Records
  • Important Correspondence
  • Income Tax Returns
  • Income Tax Payment Checks
  • Property Records / Improvement Receipts (or six years after property sold)
  • Investment Trade Confirmations
  • Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)

Special Circumstances

  • Car Records (keep until the car is sold)
  • Credit Card Receipts (keep until verified on your statement)
  • Insurance Policies (keep for the life of the policy)
  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
  • Pay Stubs (keep until reconciled with your W-2)
  • Sales Receipts (keep for life of the warranty)
  • Stock and Bond Records (keep for 6 years beyond selling)
  • Warranties and Instructions (keep for the life of the product)
  • Other Bills (keep until payment is verified on the next bill)
  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

Tax Preparation Document Checklist

Personal information for each family member:

Full Name

Date of Birth

Social Security Card/TIN

Proof of Medical Insurance for the family (Form 1095 A/B/C)

Current Bank Information (Routing & Account Number)

Last Year's Tax Return Federal & State (New clients only)

Income and Tax Information:

W-2's

Interest (Form 1099-DIV or substitute)

Dividend (Form 1099-DIV or substitute)
Stock Sales (Form 1099-B or Broker Statement)

Pension & Annuity Income (Form 1099-R)

IRA or 401(K) Distribution Form ((Form 1099-R)

Social Security or Railroad Retirement (SSA-1099 or RRB-1099)

Self-Employment Income & Expenses

Miscellaneous Income (Form 1099-MISC)

Rental Income & Expenses

Sale of a Personal Residence (HUD Statement and/or Form 1099S)

Schedule K-1's from Corp., Partnerships, Invesments,

Sale of Business Assets

Gambling or Lottery Winnings (W-2G)

Unemployment Compensation (Form 1099-G) Download from State' DOL Website

Alimony- Copy of Divorce decree

Estimated Taxes Paid- Copies of checks

IRS Notices (if any)

Income and Tax Information:

Medical Expenses

Real Estate Taxes

Mortgage Interest (Form 1098)

Charitable Contributions (cash and non-cash)- copies of receipts/cancelled checks

Traditional IRA Contributions/Roth IRA

Student Loan Interest Form (Form 1098E)

Higher Education Expenses-(Form 1098 T- Download from student's portal)

Child Care Expenses- Provider's name, address, & tax id number

We’d love to hear from you! Call our friendly team on (732) 945-5995

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