by Kelly Erb

Many of you may know that the BBC has temporarily dropped "Top Gear" from the line-up after presenter Jeremy Clarkson had, according to the BBC, "a physical altercation accompanied by sustained and prolonged verbal abuse of an extreme nature" with a producer. That's clearly not appropriate workplace behavior. Even worse? It wasn't his first offense.

As a result of his behavior, Clarkson was handed a pink slip. The March 15 episode of the show was yanked and four other programs slated for air were suspended (those episodes may be aired eventually). And now, it seems that "Top Gear" as we know it, is over.

Late last week, the National Football League (NFL) announced that it would voluntarily give up its tax exempt status. Most folks are surprised to find out it was exempt from taxes at all — but it was.

The NFL has been tax exempt since 1942 under section 501(c)(6) of the Internal Revenue Code which grants tax exempt status to organizations with a goal "to promote the common business interest" with activities "directed to the improvement of business conditions of one or more lines of business as distinguished from the performance of particular services for individual persons."

It is a statistical fact: Self-employed individuals are much more likely to get audited than regular employees. So we are sharing what we consider to be the Seven Deadly Sins when it comes to being self-employed and your taxes:

The Internal Revenue Service (IRS) is ramping up efforts to thwart identity theft. As part of those efforts, IRS is reminding taxpayers who receive requests from the IRS to verify their identities using the Identity Verification Service website at idverify.irs.gov.

I know: this sounds like a scam.

Now that you have all of this great information about tax credits, deductions and other tax breaks, (since you've been reading our newsletter all year) you're all set for tax filing. The key to supporting those claims is to keep great records.

Here are some tips to help you figure out which records to keep and how long to keep them:

  • As a rule, keep your tax records and supporting documentation until the statute of limitations runs for filing returns or filing for refund. For most taxpayers, that means that you'll want to keep those records for three years following the date of filing or the due date of your tax return, which ever is later. So, for example, if you file your 2014 tax return on Tax Day, April 15, 2015, you'll want to keep those returns and those records until April 15, 2018.