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Graduation season is upon us! It's a very busy and exciting that can also get expensive. For those of you with college-bound kids, there may be some relief to your wallet that's easier to access then you think. Take a look at the article on tips for those paying college expenses. You'll want to ask your tax preparer if you qualify for the credits and/or the student loan interest deduction(s) that are available.   Another common project this time of year is cleaning out closets. The good news is that you probably have several years of tax information on hand that can be tossed. The caveat here is that certain records, capital assets for example, have different retention guidelines. Please see the article on tossing old tax reds before attacking those piles of paperwork stacked in the closet.   If you need help getting your bookkeeping in order, it's time to give us a call so we can help!   Don't hesitate to tell your family, friends and neighbors that you have an excellent resource that can help them do the same!!   Sincerely,   Holly DeVito Sum of All Numbers       Read this before Tossing Old Tax Records   Now that your taxes have been completed for 2012, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records must be kept in the first place.  Generally, we keep tax records for two basic reasons: (1) in case the IRS or a state agency decides to question the information reported on our tax returns, and (2) to keep track of the tax basis of our capital assets so that the tax liability can be minimized when we dispose of them.  Read More       Don't Panic If You Receive an IRS Notice   A letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.  Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account, or to request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what needs to be done to satisfy the inquiry.  Read More       Tips for Students and Parents Paying College Expenses   Whether you’re a recent high school graduate going to college for the first time or a returning student, paying for college can be a daunting financial task. The following are some tips about education tax benefits that can help offset some college costs for students and parents.  Read More If you no longer wish to receive our emails, click the link below: Unsubscribe Sum of All Numbers PO Box 70608 Sunnyvale, California 94505 United States (888) 564-5777