In this episode of The Ask Ralph Show, Ralph Estep Jr. dives into one of the most common questions: how long should you keep your personal and business tax records? He breaks down the IRS's recommendation to keep them for seven years and explains the tax implications for small business owners and those in unique financial situations. Ralph also touches on key topics like inflation's effect on your savings and investments, providing practical advice to help you stay financially secure. Plus, he answers listener questions about converting properties into rentals, Social Security benefits, and tax obligations for hobbyist sellers. Tune in for valuable insights and tips from this episode of Ask Ralph show - live from October 15, that will help you stay on top of your financial game.
https://www.askralphpodcast.com/LIVE-FROM-OCTOBER-15/
Podcast Timestamps:
00:02 Welcome to the Ask Ralph Podcast
01:29 Supporting Alzheimer's Walk
02:08 End of Tax Season Discussion
04:41 How Long to Keep Records?
07:52 Converting Property to a Rental
13:29 Estimated Tax Payments Explained
16:13 Tax Scams and How to Avoid Them
21:46 When to Start Taking Social Security
28:11 Impact of Inflation on Savings
31:05 Tax Implications of Hobbies and Selling Goods
38:23 Claiming Children as Dependents
42:12 Closing Thoughts and Encouragement
What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
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