logo
g Text Version
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies

dailyclick
Bored? Games!
Nutrition
Postcards
Take a Quiz
Rate My Photo

new
Painting
Heart Disease
Horror Literature
Dating
Hiking & Backpacking
SF/Fantasy Books
Healthy Foods


dailyclick
All times in EST

Autism Spectrum Disorders: 4:00 PM

Full Schedule
g
g Investing Site

BellaOnline's Investing Editor

g

Investments and Tax Season


Tax season is upon us. Earnings from taxable investments need to be reported to the Internal Revenue Service. Getting your investment papers gathered and organized is one of the critical first steps.

Banks, brokerages, and mutual fund companies are all required to send out tax statements to you. You will receive different tax statements depending on which investments you own. Standard tax forms include the 1099-INT for interest earned and the 1099-DIV for dividends earned. Capital gains, also, will be recorded on Form 1099-DIV.

It is important to gather all forms needed together. Keep these forms in a file folder with a label such as taxes. You can also set up a file on your computer to save the forms you receive electronically.

Next, consider if you have any investments that you have sold without receiving a tax form. Have you sold an antique or collectible for a profit perhaps on EBay, etc.? Anything you own that is sold for a gain is required to have taxes paid on it. Most gains are reported on Schedule D, but you should consult with a tax professional regarding any tax reporting.

Savings bonds require tax to be paid as well. You most likely received a form when you redeemed your bond. This form is needed when completing your taxes for the year you sold your bond.

You will need to provide a cost basis for stocks, bonds, and mutual funds you have purchased and then sold. This applies to exchange-traded funds as well. Brokerages and financial institutions usually calculate this for you. But it is a good idea to keep a main record of all your purchases and their cost basis. This will ensure that you can check the accuracy of the cost basis that was reported. Also, it reduces stress and worry at tax time by avoiding that hunt for information.

Have you contributed to your IRA for last year? You have until April 15th of the current tax year to make a contribution for the prior year. These contributions can help ease your tax burden and create more future security. You may even be able to take a credit if you contributed to a Roth IRA.

A little organization and preparation can make tax season go more smoothly. A tax professional should be consulted in regards to preparing your tax return. The information presented here is for education only.

Are you interested in a simple portfolio to save for retirement? Please check out my book on building a simple retirement portfolio that is available at Amazon.com:
Investing $10K in 2014 (Sandra's Investing Basics)

Add Investments+and+Tax+Season to Twitter Add Investments+and+Tax+Season to Facebook Add Investments+and+Tax+Season to MySpace Add Investments+and+Tax+Season to Del.icio.us Digg Investments+and+Tax+Season Add Investments+and+Tax+Season to Yahoo My Web Add Investments+and+Tax+Season to Google Bookmarks Add Investments+and+Tax+Season to Stumbleupon Add Investments+and+Tax+Season to Reddit



 



Financial Moves for the New Year
RSS
Related Articles
Editor's Picks Articles
Top Ten Articles
Previous Features
Site Map




For FREE email updates, subscribe to the Investing Newsletter


Past Issues


print
Printer Friendly
bookmark
Bookmark
tell friend
Tell a Friend
forum
Forum
email
Email Editor


Content copyright © 2013 by Sandra Baublitz. All rights reserved.
This content was written by Sandra Baublitz. If you wish to use this content in any manner, you need written permission. Contact Sandra Baublitz for details.

g


g features
Alternative Investments for the Small Investor

Rental Properties Book Review

Liquid or Illiquid Assets

Archives | Site Map

forum
Forum
email
Contact

Past Issues
memberscenter


vote
Poetry
Daily
Weekly
Monthly
Less than Monthly



BellaOnline on Facebook
g


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2013 Minerva WebWorks LLC. All rights reserved.


BellaOnline Editor