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Tax Relief Attorney Tips

April 06, 2012 | Comments: 0 | Views: 125

Here are some tips for the end of the tax season. Remember, this year there are two extra days to file. Due to federal holidays, this year your tax return must be postmarked by April 17th 2012.

To get started, look through the following suggestions detailing what you need to be doing right now. This information can save you time and trouble.

One of the first things you must do is settle any capital gains or losses. There is no doubt that the very detailed aspect of the 1099 can be irksome, and you may be sitting and staring, aghast at how to transfer that information to Form 8949. Due to these added confusions, more people will be filing for extensions. Furthermore, even if your 1099-B shows a tax basis, it may be incorrect. For all you know, it does not accurately reflect any transactions that occurred prior to your moving the security to your current brokerage account.

Fear not however, as you may still be able to get your taxes in without an extension. Let us see what we can do to help you get your tax return done and postmarked on time.

Talk to one of our tax professionals about what you can do to get started, especially if you have a large number of transactions. There are ways we can expedite the information gathering process. If you are still having a lot of problems with this, we may advise you to consider filing for an extension.

Another item to remember is your non-cash contributions report. This can be time consuming so do not leave this to do for the last minute. If you have receipts from the charities to which you've donated items, the IRS will permit you to write off these deductions. However, the items you contributed must be in good condition and of some use. If you wish to cut down the work, you can calculate twenty-five dollars per bag or fifty dollars a box. Should you decide to be more detailed; the value can amount to more. However, do not declare anything exceeding five hundred dollars in non-cash donations.

If you can't remember the donations you made, start making lists for future references. You can also take photos to substantiate the value of your donations. For the present year, just do your best.

Another issue you may face occurs when you cannot remember how much you paid for the donated items. Don't worry, you can enter an estimated amount now and enter the exact price on future tax returns. Should you have absolutely no clue what the value was, submit an amount that is three to four times the donation value, factoring in the age and wear of the item.

As far as any cash donations you may have made, be sure to keep the receipts on every donation that was more than two hundred fifty dollars.

This list of items to be aware of as you prepare your tax returns is not intended to be all inclusive, but is intended to get you thinking about various taxation issues many people forget about. Don't start your tax preparation efforts on April 15th and do contact a tax professional to assist you as needed.

If you are seeking professional assistance with any tax issues please contact Pinnacle Tax Advisors

We feel that every business and person should be empowered with the correct tax information to help them with any tax problem they may have.

Source: EzineArticles
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