Resources

Financial resources for Lincoln residents

Our team compiled these helpful financial resources to answer some common questions about taxes, future planning, higher education aid, and more. Take a look at these links, and don't hesitate to consult with our team of professionals to make wise decisions about your finances and tax reporting as an individual or business in any industry.

List of Common Deductions for Realtors

  • Contract labor
  • Business use of car
  • Lock boxes and maintenance fees
  • Cellular
  • Long distance
  • Internet and website
  • MLS
  • Realtors Association of Lincoln and other memberships/dues
  • E & O insurance
  • Licensing
  • Continuing education
  • Meals and entertainment
  • Advertising and promotion
  • Referral fees
  • Client gifts
  • Office supplies
  • Postage
  • Realty Company office fees
  • Repairs and maintenance
  • Section 179 depreciation deductions
  • Travel
  • Publications, books and subscriptions

Record Retention Recommendations

According to Internal Revenue Service requirements, records should be retained so long as their contents, “may become material in the administration of any Internal Revenue Law.” Various factors enter into the length of time that particular records should be held for this purpose, due to varying statutes of limitations and to the special nature of certain items. In the absence of specific Revenue Service guidelines, we are offering our recommendations below as to the length of time that records should be retained.

Keep Permanently:
  • General ledger records
  • Books of original entry; i.e., general journal, cash journal, sales journal, etc.
  • Capital stock books
  • Corporate minute book
  • All tax returns
  • Audit reports and reports to stockholders
  • Documents relating to plant properties; i.e., deeds, mortgages, abstracts, maps, plant ledgers, etc.
  • Cancelled checks used to pay for plant properties
  • Bond records
  • Articles of partnership, incorporation and any papers relating to the business organization
Keep for Ten Years:
  • Cancelled promissory notes (ten years after due date)
  • Cancelled checks used to pay promissory notes
  • Promissory notes held against others
  • Cancelled checks used to advance money on promissory notes held
  • Written contracts
  • Cancelled checks used in the extinguishment of obligations under a written contract
  • Correspondence relative to promissory notes or written contracts
Keep for Six Years:
  • Accounts receivable ledger records
  • Accounts or voucher payable ledger records
  • Cancelled checks unless otherwise indicated on this schedule
  • Bank statements
  • Savings accounts pass books (six years after account closed)
  • Insurance policies and records
  • Any written legal document not otherwise covered in this schedule
  • Invoices, etc., supporting payments made
  • Invoices, etc., supporting billings made
  • Detailed matters pertaining to inventories
  • Correspondence files
Keep for Five Years:
  • All records relating to payroll
  • Records Retention Period
  • Annual Financial Statements — Permanent
  • Auto Mileage Logs — 3 years* or life of vehicle
  • Bank Deposit Slips — 3 years*
  • Bank Statements — 6 years*
  • Cancelled Checks — 3 years*
  • Contracts — 6 years after expiration
  • Corporate Stock Records — Permanent
  • Daily Sales Records — 3 years*
  • Depreciation Schedules — Life of asset, plus 3 years*
  • Employee Records — Period of employment, plus 3 years
  • Employee Time Cards — 3 years*
  • Entertainment Records — 3 years*
  • Expense Reports — 3 years*
  • General Ledger & Journals — Permanent
  • Inventory Records — 3 years*
  • Minutes of Meetings — Life of company
  • Paid Vendor Invoices — 3 years*
  • Real Estate Records — Permanent
  • Tax Returns — Permanent
  • Magnetic tapes, punched cards, computer disks — If your business has $10 million or more in assets, you must keep these machine-sensible records for as long as you would be required to keep the hard copy of the record – in some cases this would be permanently.
*From date of filing return or due date of return, whichever is later

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