This month’s SmartMoney magazine has a little blurb about last minute tax tips. So what are the tips?
1. Get help for capital gains tax by using Intuit’s TurboTax Premier Investments. This program automatically calculates your capital gains and losses based on you entering which stocks you bought, how many shares and commissions paid..and the software will find your cost basis for you. This has always been a pain for us as we have stocks that have been handed down to us from family members, and this should make things easier.
2. Find good help, as in someone good to help with your taxes. Since my brother is an accountant, we already have this covered.
3. Don’t forget your phone refund. That’s right, everyone (not just people that had a phone) can get this refund of either $30 or $60, depending on your exemptions. This is because of taxes wrongly collected by phone companies from 2003-2006.
4. This year the IRS can split your refund between 3 different accounts. You can split anything due to you between savings, ROTH’s, IRA, etc. Pretty cool, but you should not be getting a refund at all if you have been withholding the correct amount all year.
Good luck with your taxes everyone!