THE HELP CENTER
All You Need To Know
WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?
While all three deal with your finances in some capacity there are boundaries, certifications, and licenses required and related to each profession. Bookkeepers are responsible for ensuring a company's books are in order and can provide monthly, quarterly, and annual reports as needed. An accountant can perform bookkeeper functions but usually prepares and interprets financial statements and prepare reports for tax purposes. A CPA is an accountant who has passed certain state requirements to be certified. CPAs have the capacity to sign tax returns and represent taxpayer before the IRS for audits and other matters.
HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.
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WHAT IF I MADE A MISTAKE ON MY TAXES?
You have multiple ways to fix tax mistakes depending on the scenario. Regardless, taking action by having your return reviewed by a professional or possibly even filing an amendment could make a world of a difference.