2012 Tax Tips; Vol. 4 – Capital Gains & Losses
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price… Continue reading
Ray Madoff–a professor at Boston College Law School–recently wrote an article advocating a change in the way capital-gains tax is implemented: From Warren Buffett’s secretary to Mitt Romney’s tax returns to the general uprising against the 1 percent, tax reform is on everybody’s radar. In the cross hairs is the preferential treatment for capital gains. Profits from investments are taxed at a maximum… Continue reading
Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line… Continue reading
The IRS recently released it’s annual list of their “Dirty Dozen” tax schemes. ”Scam artists will tempt people in-person, on-line and by email with misleading promises about lost refunds and free money. Don’t be fooled by these,” warns Commissioner Douglas Stives. Here’s what made the list this year: 1. Identity Theft Topping this year’s… Continue reading
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