Tax Expert Raphael Tulino Has Some Tips for Getting Ready for the 2012 Tax Season. Don't get too stressed before the holidays, he says. These friendly reminders are just to make sure that when April rolls around, you'll be worry-free.
During the holidays, keep track of all your charitable giving—whether it’s to your church or to Goodwill, it counts. Any money donated by December 31, 2011, can be included in the deductions for the year. But, make sure that the nonprofit or charitable group is recognized by the IRS as such. Check out www.irs.com to make sure who you’re giving the money to is legit.
Take advantage of energy credits. If you’ve had solar panels installed on your home, or if you’ve gotten new insulation, windows or a new furnace on your home, you’re likely entitled to a deduction. If you’re planning on going solar in the future, don’t worry, though. That credit won’t expire till 2016. You can reap the benefits then, too.
Keep track of your stock portfolio. You can claim losses. Check www.irs.com to ensure that your losses can be claimed on your form.
A big mistake people make is forgetting to put certain aspects on their tax return. A great New Year’s resolution is to keep a folder of all your tax information somewhere in your home. That way, you’ll be able to reference it and avoid back tracking and wasting time during the tax form process.
I was employed as an independent contractor for a local company, the company has gone out of business and still owes me $5200.00, can I write this off as a loss, and what documentation do I need to provide to the IRS.
Kevin Floor –Dec 8, 2011 09:46:09 AM