Your Broker’s 1099 Statement Will Be Different for 2011

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must also know the tax basis of the property that was sold. Without confirmation of the basis, which up to now has been obtainable only from the taxpayer via an audit, the IRS has no way to verify the reported profit or loss from the sale, leaving this area open to abuse.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Things to Know about Farm Income and Deductions

If you have a farming business, several tax issues can impact your tax situation. The following list includes some of those issues.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Getting Older With No Retirement Savings in Sight?

One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Out-of-Pocket Expenses of Caring for Foster Cats Qualified for Charitable Deduction

A tax court has held that a taxpayer could claim a charitable contribution deduction for some of her foster cat expenses for Fix Our Ferals, a recognized charitable organization that specializes in the neutering of wild cats to humanely control feral cat populations. The court ruled that the taxpayer substantially complied with the recordkeeping requirements for less than $250. These expenses qualified as unreimbursed expenditures incident to the rendition of voluntary services to a charitable organization. However, the taxpayer’s other claimed charitable expenses were denied for lack of substantiation.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples:
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Next Year’s Tax Refund May Be Lower

Taxpayers accustomed to receiving a tax refund every year should be aware of the fact that there are two tax changes for 2011 that could impact their tax liability, possibly making the refunds anticipated next spring lower or even resulting in tax due for taxpayers who normally have small refunds.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

Tracking Bills in QuickBooks, Worth the Effort

Next to payroll, paying bills is probably your least favorite task in QuickBooks. You don't have to use this feature – you can keep stacking bills on your desk, scrawling the due dates on a paper calendar, and writing checks.
Read the article »

Print-Friendly

Send to Friend

Ask a Question

---

The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.