The general rule is that books and records have to be kept for a minimum of six years from the end of the last tax year to which they relate. The tax year is the fiscal period for corporations and the calendar year for all other taxpayers.

When you open a TreasuryDirect account, you consent to receive the appropriate tax reporting forms by electronic means. The form will be available in a printable format through your TreasuryDirect account. An online IRS Form 1099 is provided for your Primary account and each Linked account.

Yes. The alive Academy of Natural Health has recently been certified by Human Resources and Skills Development Canada (HRSDC) which enables us to issue legal tuition tax receipts (T2202A) so students and employers can claim a portion or all of their tuition fees back as a tax deduction.

Calvin College bills its students for a total amount per semester that includes tuition, room, board, fees, and miscellaneous expenses. Certificate units may be applied to part or all of the bill. The college will itemize expenses for anyone who needs an itemization for tax or gift credit purposes. Tuition gift certificates do not affect a student’s opportunity to receive merit scholarships.

Tax receipts are provided in January and in June for all students. Whether you can apply it to your own taxes depends on your particular situation, and you should consult a tax professional.

No, the tests are not identical. While both have to be businesses certified under Article 18-B of the General Municipal Law, a QEZE for sales tax purposes must satisfy the employment test for the taxable year immediately preceding the year in which the QEZE is seeking the sales and use tax exemptions. For an individual or a corporation seeking to claim the QEZE tax credits, it must satisfy the employment test for the year it intends to claim the credits.

Policy provisions vary, as do the premiums depending upon which provisions you choose. Generally the policy will specify a maximum period of time it will pay for a covered disability. Typical policy terms are for two years, five years, or to age 65. If during that time you recover from the disability and return to work, the policy will provide that a new disability will start a new benefit period.

Yes. FOCC is a charitable organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. However, such deductibility is subject to the requirements of the Internal Revenue Code and the Regulations issued thereunder with respect to such matters as limitations on the amount of total contributions made by a taxpayer in any one tax year, for example. If you are in doubt, you should seek the advice of a qualified tax accountant or tax attorney.

The Canadian Standard Assessment in Optometry (CSAO) is a national entry-to-practice examination for those eligible ODs applying for optometric licensure within Canada. The registration fees for this assessment are, therefore, not considered tuition fees, but may qualify as a tax-deductible expense.

Section 2(11A) of the Income Tax Ordinance, 2001 defines charitable purpose as relief of the poor, education, medical relief and the advancement of any other object of general public utility. This is a fairly broad definition in that it includes 'advancement of any object of general public utility'. Therefore, all nonprofit activity meant for the public at large (and not for a specified and fixed group of individuals) would be considered an activity for charitable purposes.

Yes. Whether you make a single donation, sponsor a child or become a monthly donor as an Everyday Hero, you will be receipted for your contributions. See the Government of Canada's policy statement for charitable tax receipts.

Generally, all the expenses you incur to start and operate your business are deductible, however many are subject to various IRS rules; for example, start-up costs, vehicle expense, meals and entertainment, and use of a home office. Start by reading IRS publications (such as the Business Tax Kit) and looking at the tax returns for your form of business. For sole proprietors, that is a Schedule C. You can get IRS materials from the IRS web site at www.irs.ustreas.

Yes. Contributions to your FSA will reduce your earned income for purposes of the Federal Earned Income Tax Credit. This means that participation in either the DCAAccount, HCSAccount, or both, may increase your EITC -- an additional advantage of participation in the pre-tax FSA program resulting from recent changes in the federal tax law.

Year-end interest-paid statements (IRS Form 1099) are mailed out by the end of January. You should expect to receive your statement in early February. Contact us if you do not receive it by February 15.

If you have elected to have income paid to you, any income you earn will automatically appear in your Earnings portfolio on the specified date. If you would like to withdraw an amount from your Earnings portfolio, please refer to our frequently asked question entitled ‘How do I withdraw funds?’