Landing Page Internal Page HOME ABOUT US CLIENT LOGIN TAX TOOLS COMMUNITY ACTIVITIES NEWS FINANCIAL GUIDES LINKS BLOG Taxes Taxes ► Being self-employed, what sort of deductions can I take? To be deductible, a business expense must be both ordinary and necessary... ► If I have a large capital gain this year, what can I do? If you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year... ► What investments can I make to help defer taxes? The interest gained from state and local bonds is usually exempt from federal income taxes... ► What retirement plans are available to aid in the deferral of taxes? You have the ability to invest some of the money that you would have paid in taxes to add to your retirement fund... ► What other ways can I defer this year's income? If you own your business you may want to postpone sending certain invoices to ensure that you will receive payment in the following tax year... Record Keeping for Taxes ► What do I need to keep for tax reasons? It is a good idea to keep all of your receipts and any other records that you may have of your income and expenses... ► How should I separate and organize these? It is advantageous to categorize your expenses... ► How long should I hold onto these documents? It is recommended that you keep these documents for three to seven years... ► How long should I keep old tax returns? If you are audited, it is very likely that the auditor will ask to see the last few tax returns... ► What other records should I keep? If you purchased goods that you plan to sell later, you should keep the receipts to calculate your gain or loss on it correctly... ► What recordkeeping system should I have? If you are an employee of a company, your system needn't be complex... Education Expenses ► Are there available tax breaks for my children's education? There are many different ways to use tax breaks for the higher education of your children... ► What is the education tax credit? You must make a choice between two types of tax education credit... ► What is a Coverdell (Section 530)? An education IRA is different than a standard IRA in these ways... ► How can I best use the Coverdell (section 530)? It is possible to have various 530 accounts for the same student, each opened by different family members or friends... ► What is a qualified tuition program? The Section 529 is a college savings program available in most states... ► What differentiates the Coverdell Section 530 and the Section 529? The Section 529 allows for much larger yearly investments... ► Can I take money from my traditional or Roth IRA to fund my child's education? Yes, you can take distributions from your IRAs for qualifying education expenses without having to pay the 10% additional tax penalty... ► What tax deductions can be used for college education? There is a limited deduction allowed for higher education and related expenses... ► Is student loan interest tax deductible? In certain instances, yes, although deductions need to adhere to a few guidelines... ► Can I deduct for education that helps at the workplace? If you are receiving this education to maintain or improve skills at your current job... Client Login Login © 2016 Cannon & Company, L.L.P. All Rights Reserved. Information By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year. Important Links Home About Us Services Client Login News Featured Services Client Login Log-in & review. Services What we do. Contact Get in touch. Contact Us (336) 725-0635 (336) 725-0630 Email Us