Prime Filers

Tax documents – what should you keep and what should you shred?

April 15 has come and gone, you’re done with your tax return and now have a pile of papers. So what should you keep after you’ve gotten your refund and for how long? Below are the general guidelines.

- Three years: Tax return forms and schedules plus all information to support what you claimed on your return, especially records related to property, investments, or business assets. While there are exceptions, the IRS generally has 3 years to assess additional tax and audit returns. Not coincidentally, three years is also the amount of time you have to amend your return. The state of Georgia also has 3 years to audit your state tax return.

- Six years: Forms W-2, 1099, etc. because the IRS has six years to contact you if you've failed to report income.
Seven years: Any information regarding loss from worthless securities or bad debts.

- Certain documents, such as those related to home, property or investment, should be kept for an even longer period of time.

If you have any questions about this topic, please call (770) 817-7550 or visit www.primefilers.com.

It goes without saying that money and friends don’t go hand in hand. Often times, you either lose your friend or your money, sometimes even both. If you absolutely MUST lend your friend the money, here’s some advice:

- Make sure the amount you’re “lending” is within the range that you’re willing to lose.

- Get collateral on your loan. Get something valuable from your friend that’s worth more than the amount you’re lending, so that s/he will actually have an incentive to pay you back.

- Set up a repayment schedule on paper. Have a witness and make sure you’re covered legally. Again having a collateral gives you leverage to compel your friend to pay you back.

- If you’re able to, give the money to your friend as a gift.
Of course in most cases, the best course of action is to say no outright and avoid all the hassle that comes with mixing friendship and money.

For more financial advice visit www.primefiler.com or call (770) 817-7550.

No hace falta decir que los amigos y el dinero no van de la mano. Muchas veces, pierdes un amigo, o su dinero, a veces incluso ambos. Si es absolutamente NECESARIO prestarle a su amigo dinero, aquí hay algunos consejos:

- Asegúrese que el dinero que la cantidad que esta “prestando” se encuentra dentro del rango que usted está dispuesto a perder.

- Obtener garantía de su préstamo. Conseguir algo más valioso de su amigo/a que vale más que la cantidad prestada, por lo que en realidad va a tener un incentivo para el reembolso.


- Establecer un calendario de pagos por escrito. Tener un testigo y asegurarse de que usted está cubierto legalmente. De nuevo, con una garantía que le da poder para obligar a su amigo/a que le reembolsé el dinero prestado.

- Si usted es capaz, dar el dinero a su amigo/a como regalo.

Por supuesto, en la mayoría de los casos, el mejor curso de acción es decir nada en absoluto, y evitar todos los problemas que vienen cuando se mezcla el dinero y la amistad.

Para más consejos financieros visite www.primefilers.com o Llame al (770) 817-7550

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