Suggested Holding Periods for Tax Records:1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.2. The IRS requires record retention as long as they are important for Federal Tax law. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.4. More
The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006. More
