10 ordspråk av John Battaglia

John Battaglia

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In the end somebody is going to have pay more tax.

Anything that's relevant to your tax return I would keep until six years after you file, and I would keep copies of the tax returns themselves as long as possible.

It doesn't matter what you spend that loan on. You can go out and borrow $100,000 against your home, spend it on anything, even a vacation - and you can deduct the full amount of interest you pay on that loan.

Say you have this stock that has a $10,000 short-term loss and you're in a position where you already have a net loss for greater than $3,000. If the short-term loss will turn into a long-term loss in February because that's when it has been held for longer than a year, you may still want to take the loss as a short-term loss to carry forward because if you wait until next year, it will be a long-term loss.

If the price of the stock drops, you could owe more in taxes than the value of the stock.

If both people make $300,000, they'll pay more than $18,000 in taxes by filing jointly. That's about the cost of the wedding.

Proper planning can save dollars.

If you're getting a significant refund, you're probably withholding too much and you're giving the government an interest-free loan.

[If you're thinking of eloping over the holidays, you may want to consider the tax consequences of ending 2001 as a couple (romantic, isn't it). Although some accountants will tell you that the IRS doesn't keep track of your exact marriage date, technically you are required to file a joint return for this year. For some couples, particularly those with big differences in their income, filing jointly can be advantageous. If a husband and wife each make a lot of money, however, they are apt to pay more in taxes than they would on their own.] If both people make $300,000, they'll pay more than $18,000 in taxes by filing jointly, ... That's about the cost of the wedding.

They'll end up having to pay interest and penalties based on that income which they should have reported.

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