How Many Years Can You Depreciate a Vehicle on Your Taxes?

Answer Depreciation is the accounting process by which businesses recognize the gradual loss in value of assets through wear and tear or obsolescence. Businesses and their owners do not generally deduct t... Read More »

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How many years should you keep your taxes?

According to the Internal Revenue Service (IRS) how long tax returns should be kept is dependent on the situation. Filed tax returns need only be retained up to seven years from the date the return... Read More »

How many years can you do an amendment on your income taxes?

Taxpayers can amend federal tax returns using IRS Form 1040X. To claim a credit or refund, you must file Form 1040X within three years of the filing date of the original return, or within two year... Read More »

How to Depreciate a Wrecked Vehicle?

Depreciation is both the decrease in an asset's value due to its usage and the accounting procedure used to represent this phenomenon on the accounts. In each period that a depreciable asset is use... Read More »

How many years back can I file taxes?

A tax return should be filed within 3 years of a return due date for any refunds due to the taxpayer. Additionally, if a taxpayer refuses to file returns, IRS employees will file one in their absen... Read More »