Now it is year-end tax planning time again! Especially for people with some exposure in stock markets, what you do in the next three weeks may have a huge impact on how much tax you should pay for tax year 2004. Especially, if you own or had owned any of the following stocks in any periods of 2004, you need to listen to the heads-up from CCH Capital Changes.
In this press release, CCH Capital Changes have identified "Top Ten Tax-Complex Corporate Actions for 2004." The list includes the following companies (and why they are nominated):
WorldCom, Inc.—Accounting for Worthless Securities Viacom, Inc.—Allocating Basis in Split-Off of Blockbuster Microsoft Corp.—Special and Qualified Dividend Income Tax Treatment TECO Energy, Inc. and PPL Corp.—Early Settlement/Exchange of Equity/Debt Units Rolls-Royce Group, plc—Determining Taxes Upon Receipt of B Shares Abbott Laboratories—Determining Basis for Spin-Off of Hospira Telebras HOLDRs—Distribution of Component of Bundled Shares Tengasco, Inc.—Reporting Mandatory Allocation of Basis in Rights Offering Carlton Communications/Granada plc—Factoring Basis Allocation for Merger Aventis, S.A./Sanofi-Aventis—Realizing Fair Market Valuations in Taxable Merger
If you don't find your holdings in this list, congratulations! But don't forget you still have a lot of choices to affect your tax status. Take a look at 8 Profitable Year-End Tax Moves.
January Tax Prep Tips(January 14, 2005)
April 15 is still far off, but if you start taking action now, you may save yourself a lot of trouble in the last minute. Enjoy these timely advices from MarketWatch.com. Read
Sales Tax Deduction Details Released(December 18, 2004)
Back in October, I reported that in 2004 and 2005, people can claim state sales tax deduction form their federal income tax forms. This new law especially benefits those who live in the states of no state income tax, namely Alaska, Florida, Nevada, South Dakota ... Read
8 Profitable Year-End Tax Moves(November 30, 2004)
I always believe active management of one's tax is a good virtue. Year-end tax management is crucial: a few wise moves can probably pay a significant part of your holiday bills. Take a look at this CNN Money article to get some tax tips. Read
State Sales Tax Deduction: What's Next?(November 22, 2004)
Now the deductibility of state sales tax is a done deal for 2004 and 2005 tax returns, what should we expect next? Read
Hmm... I have some Enron stock which I think is worthless now... How can you tell? It still shows some value in my brokerage account, but it is no longer listed, even in the pink sheets.
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