Capital Assets Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
Capital Assets Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses. Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel. The current allowance is for 55.5 cents…
Most long-term capital gains are taxed at 15% for 2010. This rate is scheduled to increase to 20% in 2011. Unfortunately, we need to say “most” because there are some exceptions as follows: Taxpayers in the 10% and 15% ordinary…