Fwd: Make sure your govenment reported papers are reported correctly on your tax returns

 

Make sure that your tax return numbers match the 1099s you receive from your broker, employer, or investment company.

 

 EXAMPLE: Your 1099 from your broker shows $55,342 in gross proceeds from stock sales. If the only stock you sold during the year was through your broker, the gross proceeds shown on Schedule D of your tax return should be $55,342.

 

If your numbers don't match, you can bet on an aduit

-- 


If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Re send of Work for Capital Gains instead of ordinary income

Invest in growth stocks and growth mutual funds.

 

By putting your money into growth funds, you will achieve capital gains rather than ordinary income.

 

The fewer times you sell and reinvest, the more money you can keep invested in the market instead of having to use part of your gains to pay taxes.

 

 Also, long-term capital gains are taxed at favorable rates, while dividends, interest, and short-term capital gains are taxed at your highest rate.

-- 


 
If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Resend of last three tips plus can you fix the blog for the address????

Hi guys and good afternoon!!!

 

In Checking the blog, I discovered that I had made a mistake in my tax line on my emails and had put the email address instead of the web site.

 

There are four tips on your site. It would be a simple job to edit those four posts and fix the address to the web site as below.

 

I am also sending you corrections on the three posts you have not posted yet that are incorrect.

 

Could you please let me know your received this and the three corrected posts that have not gone in yet.

 

If you could also fix the blog, that would be great!!!

 

Yoru friend

 

Larry

--

If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Work for Capital Gains instead of ordinary income

Invest in growth stocks and growth mutual funds.

 

By putting your money into growth funds, you will achieve capital gains rather than ordinary income.

 

The fewer times you sell and reinvest, the more money you can keep invested in the market instead of having to use part of your gains to pay taxes.

 

 Also, long-term capital gains are taxed at favorable rates, while dividends, interest, and short-term capital gains are taxed at your highest rate.

--

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Make sure your govenment reported papers are reported correctly on your tax returns

 

Make sure that your tax return numbers match the 1099s you receive from your broker, employer, or investment company.

 

 EXAMPLE: Your 1099 from your broker shows $55,342 in gross proceeds from stock sales. If the only stock you sold during the year was through your broker, the gross proceeds shown on Schedule D of your tax return should be $55,342.

 

If your numbers don't match, you can bet on an aduit

--

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

TAX TIP --Consider a C Corporation as your best choice of your business entitity

If you are starting up a business, a Corporation may be  the right choice for you.

 

Many advisors push LLCs (Limitied liability Corporations) offer the advantages of limited liability and partnership taxation.

 

 There are still good reasons for choosing to operate your business as a C corporation becaue, S corportations, or sole proprietorships, and LLCs have their limitations in terms of deductions.

--

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

The Best Income tax Tip for most people

The best income tax tip for most people is to maximize your 401(k) deductions.

 

 The deductions lower your taxable income and all earnings are tax-deferred until distributions are received after your retirement.

If your employer offers a matching contribution, you have an immediate tax-deferred return on investment as well as a reduction of your wages on your W-2.

In addition the money that your employer makes as a voluntary contribution is usually exempt from Fica taxes (a major savings).

 

Another benefit to consider is that any money in your 401(k) account is protected by law against creditors.

 

 So if you are ever hit by a lawsuit or have to file bankruptcy, your 401(k) money is safe.

 

CAUTION: IRAs do not have the same protection against creditors that 401(k) plans have.

--

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com