In Reality, Phony Returns Don't Win

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Please keep in mind that filing an extension for your return does not grant you an extension to pay.

Still looking for some last-minute tax tips and want to get your information by video or audio? Try PodZinger, a free Web site that searches for podcast content.

PodZinger.com will link you directly to the portion of a video or audio broadcast of the information you want. For example, I typed in "tax tips" and received links to experts who have appeared recently on major networks.

Lastly, are you wondering which tax documents you should keep and for how long?

The National Association of Tax Professionals says to keep in mind that the main reason to save any tax records is to back up the information you report on your tax returns.

Specifically, you need to keep any records that support an item of income or deduction on your tax return until the period of limitations for that return runs out, according to the IRS. In general, keep your records for at least three years from the date your tax return was filed.

According to the IRS, you should also keep to the following schedule:

· If your claim is due to a bad debt deduction, keep records for seven years.

· If you have a loss from worthless securities, keep those records for seven years.

· If you're a business owner, keep all employment tax records for at least four years after the date the tax becomes due or is paid, whichever is later.

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