I dislike doing my taxes as much as anyone else. Mostly because each year I promise myself I will keep better records and not have to sort through piles of paper in order to prepare my return. It always is such a relief to have the process behind me.
I've been getting a ton of questions on my SaveGainsTax website regarding returns. I love to hear from everyone, but must remind you that I am not a licensed tax professional, and I am the last person you want to ask about which IRS form to use and for specific tax return questions. So what is a person to do?
I often refer people to my friend Eva's site taxmama.com She has an "ask" tab there and will try to answer as many questions as possible. Realize however, that during the last days of tax season, she doesn't have time to do anything but her client's returns. Most tax professionals are buried this time of year.
So, it's a good time to think about finding a good professional to give advice on next year's taxes. The time to visit one, or to contact me if you are selling your asset is BEFORE you sell. I'm afraid if the deal is done, you will pay taxes.
Another question I can't answer is exactly how much you will owe in capital gains tax. There are many factors involved and are tied directly to your unique situation and how the asset has been listed on previous returns. I can't stress enough that now is not the time to pinch pennies and attempt to do your return yourself. Contact a qualified tax professional with particular expertise in the type of sale/ asset transfer you had and let them earn their money by perhaps saving you a bunch that you might miss by just not knowing any better. I doubt you want to be audited on a return where you made a critical error.
Have a happy holiday and hopefully a good tax filing. In my book that is any time I can minimize my tax obligation legitimately!
Paula Straub
askpaula@savegainstax.com
Interview With the Pros
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