Did pulling your records together to complete your 2011 tax return reveal shortcomings in your system? Here are nine tips that can improve your recordkeeping and help minimize your taxes.
No one likes to see a policeman’s flashing lights in the rearview mirror, and no one likes to receive a phone call or letter from the dreaded auditor. But if you operate a business or your organization receives federal or state grants, at some point you may find auditors making that contact.
You may be more familiar with the term “listed property” in the context of real estate, but the term also applies to some business assets — and affects the records you need to take deductions for those assets.
Beginning next year, new reporting rules could make it easier for investors to report the tax consequences of securities sales. Responsibility for establishing your “basis” is being shifted to brokers and other financial institutions.