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Murphy CPA & Associates is a full service Certified Public Accounting firm located in Raton, New Mexico. Our firm offers professional, timely, quality services for businesses, organizations, and individuals. We provide a depth of knowledge and expertise in tax and accounting services. Customer service is a priority.

How Long to Keep Tax Records and Other Documents

Keep for less than a year In this file, store your ATM, bank-deposit, and credit-card receipts until you reconcile them with your monthly statements. Once you’ve done that, shred the paper documents (to avoid ID theft) or securely trash electronic files unless you need them to support your tax return. Keep insurance policies and investment statements until new ones arrive. Keep for a year or more You’ll want to hold onto loan documents until the loan is paid off. That will often be for more than a year. Then toss those papers out. If you own one or more vehicles,...

CPA, EA, Tax preparer, or Bookkeeper? What is the difference?

Generally, the difference between CPA vs EA vs Tax Preparer vs Bookkeeper can be significant and can have a big impact on the services you receive. Certified Public Account (CPA) CPA stands for Certified Public Accountant. A CPA is a license issued by State Licensing Boards. States may have some variation in its licensing requirements and also the licensing standards may have changed over time. Generally, most of the states now have similar CPA licensing requirements. But in decades past the standards may have varied substantially. Generally, currently and within the past decade or two, in order to get the...

 

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