Villadom Times Weekly Newpaper Online-November 17, 2010 Issue

November 17, 2010 THE VILLADOM TIMES II • Page 19 Business Keep good records now, reduce stress at tax time You may not be thinking about your tax return right now, but now is a great time to start planning for next year and to make sure your records are organized. Maintaining good records can make filing your return a lot easier and it will help you remember transactions you made during the year. “Here are a few things the IRS wants you to know about recordkeeping,” said Gregg Semanick, Internal Revenue Service New Jersey spokesperson. Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return. Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years: • Bills • Credit card and other receipts • Invoices • Mileage logs • Canceled, imaged, or substitute checks or any other proof of payment • Any other records to support deductions or credits you claim on your return You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include: • A home purchase or improvement • Stocks and other investments • Individual Retirement Arrangement transactions • Rental property records If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep include: • Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC • Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips, and invoices • Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments • Documents to verify your assets: Purchase and sales invoices, real estate closing statements, and canceled checks For more information about recordkeeping, check out IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available at IRS.gov or by calling 800TAX-FORM (800-829-3676). Area residents honored (continued from page 4) of popular activities such as BCTV and “Battle of the Bands,” and was the co-founder of the Walden Pond Arts and Music Festival. He also served the athletic department for four years as the J.V. baseball coach. These contributions to B.C. were recognized in 1999, when he was the school’s “Teacher of the Year.” Brian and Maureen Gallagher have always been very supportive of Bergen Catholic High. They continue a long tradition of family commitment that started when Brian’s parents became involved during the 1970s. The proud parents of four children, Brian and Maureen have been very active members of the Diamond Club and the Touchdown Club, which are support groups for the baseball and football programs. Brian, who graduated from Rutgers University and earned his MBA from Iona College, joined Becton Dickinson & Co. in 1980 and recently celebrated his 30th year there. He has held various finance roles throughout his career and is currently the director of the North American Financial Service Center based in Franklin Lakes. He was very active coaching youth sports in Allendale, including Upper Saddle River/Allendale football, Allendale recreation/travel baseball, and soccer. Maureen attended Immaculate Heart Academy and Montclair State University and has worked for American Airlines for the last 32 years. Carmen and Joseph Unanue have been generous members of the Bergen Catholic family for almost 40 years. The Unanues are the parents of six children and 16 grandchildren. Faithful, lifelong service to her family, her church and her community are hallmarks of the life of Carmen Ana Casal de Unanue. Over the years, she has touched the lives and spirit of many organizations in several meaningful ways. She frequently travels to Honduras to work with underprivileged residents in remote village and has been instrumental in the building of schools in villages where there is a need. In 2005, she was honored by the American Bible Society for her contribution and leadership to the Hispanic community. At the request of Pope John Paul II, she served on a 10-woman steering committee that was responsible for organizing the first Catholic Pro Familia in Puerto Rico in 1993. Unanue was also honored by President Ronald Reagan for her community service. Joseph Unanue is the former Chairman and CEO of Goya Foods, Inc., the largest Hispanic-owned food company in the country. Under his leadership, Goya Foods grew from a small regional food company to a global brand. ��