Polar Accounting Services

Polar Accounting Services At Polar Accounting we believe our success is measured by our clients achievement. So we strive to provide the best financial support to fit our clients needs.

Estimated tax payments are due as follows:January 1 to March 31 – April 15April 1 to May 31 – June 15June 1 to August 31...
05/11/2021

Estimated tax payments are due as follows:

January 1 to March 31 – April 15
April 1 to May 31 – June 15
June 1 to August 31 - September 15
September 1 to December 31 – January 15 of the following year
Note: If these due dates fall on a Saturday, Sunday or legal holiday, the payments are due the next business day.

You may send estimated tax payments with Form 1040-ES, Better yet; you can pay online, by phone or from your mobile device using the IRS2Go app. Visit IRS.gov/payments to view all the options.

05/07/2021

What should I do with my records for nontax purposes?

When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.

05/07/2021

Are the records connected to property?

Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.

05/07/2021

Period of Limitations that apply to income tax returns

1 Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2 Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3 Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4 Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5 Keep records indefinitely if you do not file a return.
6 Keep records indefinitely if you file a fraudulent return.
7 Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

05/07/2021

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.

The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

05/07/2021

The next topic of our weeks theme is, How long should I keep records?

05/05/2021

Employment taxes

Employment taxes
There are specific employment tax records you must keep. Keep all records of employment for at least four years. For additional information, refer to Recordkeeping for Employers and Publication 15, Circular E Employers Tax Guide.

05/05/2021

Assets

Assets are the property, such as machinery and furniture, that you own and use in your business. You must keep records to verify certain information about your business assets. You need records to compute the annual depreciation and the gain or loss when you sell the assets. Documents for assets should show the following information:
When and how you acquired the assets
Purchase price
Cost of any improvements
Section 179 deduction taken
Deductions taken for depreciation
Deductions taken for casualty losses, such as losses resulting from fires or storms
How you used the asset
When and how you disposed of the asset
Selling price
Expenses of sale
The following documents may show this information.

Purchase and sales invoices
Real estate closing statements
Canceled checks or other documents that identify payee, amount, and proof of payment/electronic funds transferred

05/04/2021

Travel, Transportation, Entertainment, and Gift Expenses

If you deduct travel, entertainment, gift or transportation expenses, you must be able to prove (substantiate) certain elements of expenses. For additional information, refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses.

05/04/2021

Expenses;

Expenses are the costs you incur (other than purchases) to carry on your business. Your supporting documents should identify the payee, the amount paid, proof of payment, the date incurred, and include a description of the item purchased or service received that shows the amount was for a business expense. Documents for expenses include the following:
Canceled checks or other documents reflecting proof of payment/electronic funds transferred
Cash register tape receipts
Account statements
Credit card receipts and statements
Invoices
Note: A combination of supporting documents may be needed to substantiate all elements of the expense.

05/04/2021

Purchases

Purchases are the items you buy and resell to customers. If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into finished products. Your supporting documents should identify the payee, the amount paid, proof of payment, the date incurred, and include a description of the item to show that the amount was for purchases. Documents for purchases include the following:
Canceled checks or other documents reflecting proof of payment/electronic funds transferred
Cash register tape receipts
Credit card receipts and statements
Invoices
Note: A combination of supporting documents may be needed to substantiate all elements of the purchase.

05/04/2021

Gross receipts;

Gross receipts are the income you receive from your business. You should keep supporting documents that show the amounts and sources of your gross receipts. Documents for gross receipts include the following:
Cash register tapes
Deposit information (cash and credit sales)
Receipt books
Invoices
Forms 1099-MISC

Address

1150 S Colony Way Suite 3 PMB 130
Palmer, AK
99645

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+19078416250

Website

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