 You have lots of questions. We have answers.
Ten Facts about Capital Gains and Losses
The term "capital asset" for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset.
Here are 10 facts from the IRS on capital
gains and losses: 1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets include your home, household furnishings, and stocks and bonds that you hold as investments.
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Can you claim a tax deduction for dental and medical expenses?
Maybe. Read on...
If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. Here are seven facts about claiming the medical and dental expense deduction.
1. You must itemize.
You can only claim medical and dental expenses for costs not covered by insurance if you itemize deductions on your tax return. You cannot claim medical and dental expenses if you take the standard deduction.
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One more note ...
Don't overlook less expensive out-of-pocket charitable contributions.
Did you know that you can write off out-of-pocket costs you incur while doing good deeds? Little expenses add up like ingredients for lasagnas or desserts you regularly prepare for a nonprofit organization's soup kitchen. Even the cost of stamps you buy for your school's fundraiser counts as a charitable contribution. If you drove your car for charity in 2012, remember to deduct 14 cents per mile.
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Linda Smith and Maureen Sullivan
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Questions?
Call us at 508.871.7178
At Smith, Sullivan & Company, PC, our dedicated professionals listen to your auditing and accounting, tax preparation, and small business questions. We provide personalized solutions to you, your family, business or nonprofit, all at a reasonable price.
Our accounting team has extensive experience. We understand your frustration when you tell us that you've paid top dollar for accounting services - only to learn that there's a junior-level person working on your engagement. Or, that it's mid-March and your accountant isn't returning emails or phone calls because your files have been put on the back burner so that they can focus on the tax return crunch. At Smith, Sullivan & Company, PC we only send senior-level accountants into the field and they remain accessible to you throughout the year. A dedicated team is assigned year-round specifically to our nonprofit clients, so that deadlines are met on time and your questions are never ignored.
Established in 1993, Smith, Sullivan & Company, PC is for you if you value communication, one-on-one attention, and "hands-on" expertise from experienced senior-level accountants. Whether you have a project to bid on now, or in the near future, contact us to schedule an introductory meeting, we'd love to meet you!
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