Keeper of the Books, LLC

Employment Records Retention: What Are the Federal Laws?


How long do you have to keep records? There's no one answer. However, we've summarized some of the most common federal laws relevant to employment record keeping. Note that applicability may vary by employer size.

Employment Records Retention: What Are the Federal Laws? Keeping employment records is not only good business practice but also legally required. The rules are specific and can get complicated. Click through for federal laws mandating employment records retention.

7 Tips for Building Business Credit

7 Tips for Building Business Credit Access to cash makes the difference between success and failure. How do you build a line of credit when your business is just starting out? Click through for some tips to help you launch your new enterprise on a sound footing.

What's the Story on Gift Taxes?


In brief, the IRS is not imposing a tax on the sweater you gave to Uncle Arnold for Christmas or those Amazon gift cards you gave your nieces. The IRS only starts taxing gifts when they surpass a certain dollar limit each year and during your lifetime. And gift taxes generally only hit the very wealthy.

What's the Story on Gift Taxes? This is one of the most misunderstood taxes. Many people think that any gift means they or the recipient must pay a tax. But that's not the case. Click through to see what a gift tax really means, so you don't pay when you don't have to.

Do You Know Your Debt-to-Income Ratio?


Applying for a mortgage? Your debt-to-income ratio is a key number. Lenders care about how much money you spend each month on your credit cards, student loans and auto loans. The less of a financial burden your monthly debts are, the more likely you are to not miss any mortgage payments.

Do You Know Your Debt-to-Income Ratio? Lenders look favorably on borrowers who are most likely to make their mortgage payments on time each month—so they look at your debt relative to your income. Click through to learn more about how this ratio could improve your odds of qualifying for a mortgage loan.

Tax Credits for Energy-Efficient Home Improvements


Under the Inflation Reduction Act of 2022, tax credits are available for making homes more energy efficient, using clean energy sources and retrofitting heating and cooling systems.

Tax Credits for Energy-Efficient Home Improvements How does the Inflation Reduction Act affect your tax credits? What are considered eligible expenditures when transitioning to cleaner energy consumption? Click through to see how the Inflation Reduction Act amended credits for energy-efficient home improvements and residential energy properties.

Passive Investing: Right for You?


Passive investing is basically making an investing decision and sticking with it long term, without a lot of trading. It's often associated with indexed investing: putting money into an indexed fund and letting it grow over time. As Investopedia says, "Passive investing methods seek to avoid the fees and limited performance that may occur with frequent trading. Passive investing's goal is to build wealth gradually."

Passive Investing: Right for You? What exactly is passive investing? Maybe there's something in its name that makes it sound almost like a cop-out! Actually, passive investing can be very powerful. Click through for the basics so you can see how it may work with your long-term plans.

Don't Play Games With the IRS


The internet is full of odd — and incorrect — tax advice, including urban legends on how to put one over on the agency. Ignore them. To see just how unamused the IRS can be, come up with what the agency calls "frivolous tax arguments." The tax collector has a response for every specious reason you can create for failing to file or pay taxes.

Don't Play Games With the IRS Citizens who come up with the-dog-ate-my-homework excuses for not paying their fair share of taxes really annoy the U.S. government. Click through to see the IRS response to reasons you create for failing to file or pay taxes.

The Skinny on Fringe Benefits and Taxes


Do you offer a variety of fringe benefits to your employees? According to the IRS, these may include cars and flights on aircraft that the employer provides, free or discounted commercial flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events.

The Skinny on Fringe Benefits and Taxes It can be a forgotten aspect of taxation, but with few exceptions, fringe benefits must be included in an employee's gross income and are subject to tax withholding and employment taxes. Click through to make sure you're in compliance.

How to Recognize a Scam


Nearly everyone has received an email, text or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. As reported in the FBI’s Internet Crime Report, more than $10 billion in losses from online scams were reported to the FBI in 2022, the highest annual loss in the past five years. There were some surprising findings in the report; people over 60 accounted for $724 million, or more than two-thirds of the reported losses from call center fraud. Call center fraud occurs when scammers call someone impersonating tech support or government agencies. Another surprise was that people in their 30s filed the most fraud complaints in 2022.

How to Recognize a Scam A recent report found there was more than $10 billion lost to online scams in 2022. Anyone can be vulnerable, and everyone should be aware of the red flags that should cause them concern. Click through to learn how to protect yourself.

The IRS Is Pushing Its ID.me Accounts


ID.me simplifies how individuals prove and share their identities online. The idea is that you'll have to verify your identity once and not have to reverify your credentials every time you visit a new website, similar to how a driver's license works in the physical world. Once you're verified, proof of your identity goes with you everywhere.

The IRS Is Pushing Its ID.me Accounts To access the IRS going forward, taxpayers will need to create an ID.me account, a private security system that can be used for a variety of sites. Click through to learn more about the use of biometric verification to confirm your identity with the tax agency.

A Cash-Out Refinance Can Be a Lifeline


A cash-out refinance is a way for homeowners with enough equity in their residences to access a lump sum of cash. They can then use that cash for anything they want, from paying down high-interest-rate credit card debt or funding a kitchen remodel to paying for a child’s college tuition.

A Cash-Out Refinance Can Be a Lifeline Do you need extra cash to cover bills or pay for other expenses? Used wisely, a method to tap into your home value can help. Click through to find out what a cash-out refinance is and how it can provide financial relief.

Save for Retirement Now; Get a Tax Credit Later


A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver's Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to an Achieving a Better Life Experience account as long as they are the beneficiaries of the ABLE account.

Save for Retirement Now; Get a Tax Credit Later The limit for the Retirement Savings Contributions Credit has been raised. Also known as Saver's Credit, the increase in this tax credit is intended to help low- and moderate-income workers save more money in 2023. Click through for more details about who is eligible for the Saver's Credit and how t...