Forever Plus 3 Years | Southern Minnesota

Q: Can I throw my corporate papers away after 7 years? A: NO, NO NO!  Businesses that are C Corporations, S Corporations, Partnerships and LLCs have to keep their tax returns and supporting documents forever plus three years.  What?!  How can you keep it longer than forever?…Be buried with them?  All this means is that you […]

File tax return for child’s inherited stock? | Southern MN

Q:  Our daughter inherited some stock from her grandparents that are paying her really good dividends and capital gains each year.  Do we have to pay tax on that? A:  She would have to file a tax return claiming the income if the amount is over $2,100.  If that was her only income and it […]