Wilks & Associates

Wilks & Associates During my time serving the Navy I received the Bravo Zulu award for my contribution and exceptional work in finance.

Our team has a combined experience of over 19 years in accounting, finances, and more. Let us assist you in your financial decisions.

Even if you inherited a sweet spot of land!:If you later sell inherited property, any gain may also be taxable. In most ...
06/02/2026

Even if you inherited a sweet spot of land!:

If you later sell inherited property, any gain may also be taxable. In most cases, the tax basis of inherited property is stepped up to its fair market value at the loved one’s date of death. This means that you won’t owe capital gains tax on appreciation that occurred before you inherited the asset.

Even if you inherited some cash that doesn't mean you're off the hook just yet!:However, income generated by inherited p...
06/01/2026

Even if you inherited some cash that doesn't mean you're off the hook just yet!:

However, income generated by inherited property is taxable. For example, interest, dividends or rental income produced by inherited investments or real estate must be reported on your tax return.

Know the Basic Tax Rules!:Usually, the value of property you inherit isn’t included in your gross income for federal inc...
06/01/2026

Know the Basic Tax Rules!:

Usually, the value of property you inherit isn’t included in your gross income for federal income tax purposes. This means you generally don’t owe income tax simply for receiving an inheritance.

Plan carefully to minimize taxes on your inheritance!:Getting a large inheritance can create new financial opportunities...
06/01/2026

Plan carefully to minimize taxes on your inheritance!:

Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. Understanding relevant tax rules can help you avoid surprises and make informed decisions.

And for the finally!:Bad debt or worthless securities deductions. Records supporting these claims should generally be ke...
05/30/2026

And for the finally!:

Bad debt or worthless securities deductions. Records supporting these claims should generally be kept for seven years from the date the return was due.

Filed tax returns. Proof of filing should be kept for at least as long as the statute of limitations applies to that return. However, it’s a good idea to keep proof longer for your records.

I know it's a lot bur we're almost done!:Retirement plan records. Retain retirement and pension documents for as long as...
05/29/2026

I know it's a lot bur we're almost done!:

Retirement plan records. Retain retirement and pension documents for as long as the accounts have funds and for at least three years after the accounts are closed or funds are withdrawn. Keep records of nondeductible IRA contributions indefinitely to prove taxes were already paid on those amounts.

Things like this!:Property and investment records. You should keep records related to property (such as real estate) or ...
05/29/2026

Things like this!:

Property and investment records. You should keep records related to property (such as real estate) or investments (such as stocks or bonds) for as long as you own the asset, plus at least three years after it’s sold. These records are needed to calculate the basis, gain or loss when the asset is sold.

Even after the 3-year period is up don't just throw things away!:Some documents should be retained beyond the typical th...
05/29/2026

Even after the 3-year period is up don't just throw things away!:

Some documents should be retained beyond the typical three-year period because they may affect multiple tax years or support future transactions. These include:

One more thing to keep in mind!:Additionally, the timeframe for claiming a refund generally extends to three years after...
05/29/2026

One more thing to keep in mind!:

Additionally, the timeframe for claiming a refund generally extends to three years after filing the return or two years after paying the tax, whichever is later. (This generally would require filing an amended return.)

Some situations that may extend the timeframe.:Certain circumstances allow the IRS additional time to review a return. F...
05/28/2026

Some situations that may extend the timeframe.:

Certain circumstances allow the IRS additional time to review a return. For example, the statute of limitations increases to six years if more than 25% of gross income is omitted from a return. If a taxpayer fails to file a return or files a fraudulent return, there’s no time limit on when the IRS can assess tax.

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Chico, CA
95973

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