May – 2010 – 2008 Taxes - Free Tax Filing Options

Monthly Archives: May 2010

Paying Taxes when Forex Trading

May 27, 2010 – 10:59 pm

Paying Taxes when Forex Trading

It might have taken you months or years to make your first profits trading the foreign exchange markets or FOREX. Hopefully you have records of all your loses as you will need them to now offset the profits you have made trading. That is it, Uncle Sam and the IRS will tax your FOREX winnings as soon as you begin to profit. FOREX traders in the United States have two options to claim their profits from foreign exchange trading, either using IRC Section 1256 dealing with contracts or IRC Section 988 for foreign currency transactions.… Read more at 2008 Taxes.

By Steve | Posted in capital gain, Home Business, Tax Preparation, tax return | Tagged 1099, foreign exchange markets, forex, home-based business | Comments (1)

Ten Tax Tips for Year End

May 25, 2010 – 4:13 pm

Ten Tax Tips for Year End

Trimming your tax expenses is very important today as many are struggling in this economy to pay their bills and afford some luxuries. That is why doing these 10 things before the end of the tax year is very important. Don’t wait until it is time to prepare your taxes to start thinking about reducing your tax liability, start planning and preparing well in advance.

New Tax Breaks: Make sure to check the tax code when it becomes available in fall for new tax changes that may affect you and follow any new federal … Read more at 2008 Taxes.