Russ Falls
Investment and Taxes
The IRS has set up specific rules that need to be followed when it comes to investments of any kind. It is necessary for the taxpayer to keep track of the purchase price and date of the investment. For example, let us assume a person wants to start investing in small coins. At first this person can only invest in small qualities. He or she should keep track of all the purchases made, what was the day and the how much was bought. The reason it is important for the person to do that is, let us say, 10 years later he wanted to sell the coins. If the coins are now worth $5,000 now and you can not provide any documents on what you bought it for you will be taxed on the overall $5000.00. On the other hand, if you have the proof that the coins cost that person $3,000 then that person will be taxed on only $2,000. I want to also point out that if you don’t sell any of the coins or investment during a year there is no need to put it on the return.
If a person is dealing with an investment company that deals with buying and selling stocks, then the company should be sending the form 1099-B to you. Be aware that this form only will come out once the investment is sold. Lots more can be said on this subject.
If you have any questions free feel to contact me. I will help you the best I can. Here are some of the services you can expect when you contact me:
1 We are offering an audit assistance program for all our clients this year for no additional charge to you. 1) ID Theft assistance 2) Tax Debt Relief 3) Interpretation and Guidance and 4) Team of Experience of Tax Preparers
2 I am also offer two options for you to get your refund. One is though Refund Advantage for an additional charge of 39.95 first distributor of funds and 12.00 for the second distributor of funds refund. Once the refund is processed, the bank will get the money then they will pay the Tax Preparation fee out of the refund. You will get the difference in form of direct deposit.
3 The other option is pay the tax prep once I am done with your return with either e-check or credit card. Then I will e-file the return.
Falls Vital Accountant Services
Russ Falls
661-526-4983
https://www.rfvas.com/tax-services