As with any other topic, the Internet offers a wealth of resources for taxpayers. Here are some websites and web pages that provide information, tools, and resources to help you with tax planning throughout the year and help you prepare your Form 1040.
[http://www.att.com/ir/ss/tbi]
When you sell shares, you need to determine the “cost basis” of the shares sold in order to calculate your capital gain or loss. With the “divestment” of ATT in 1984, and all of the spin-offs, both positive and reverse, spin-offs, and mergers that followed, determined the cost basis of ATT shares sold, as well as the basis of the various companies spun off. ‘ shares, is a real project. Go here for the Tax Base Worksheets for each individual event in ATT’s history from 1959 to the present.
http://www.oanda.com/convert/classic
This “address” will direct you to a foreign currency converter that can provide current and historical exchange rates for 164 currencies.
http://www.bigcharts.com
You can use this site to find the price of any listed stock or mutual fund on any exchange for a given date. If you inherit an investment, your cost basis is the fair market value of the investment on the date of death of the person from whom it was inherited. Typically, this information is reported on your federal or state estate tax return. However, when you sell the shares you inherited, you don’t always have immediate access to this information. You can calculate your basis by visiting this site and under “Historical Quotes” enter the stock’s ticker symbol and the date of death, or the closest business day to the date of death, to get a quote. If you sell shares that you received as a gift, your basis is what the donor paid for the shares or the fair market value at the time the gift was made. You can also use this site to determine a cost basis for gifted property.
http://www.kbb.com
Although the rules for claiming a deduction for donating a car to charity have changed dramatically, there are still situations where you will deduct the fair market value of the car. Click on “Used Car Values by Make and Model”, enter your ZIP code, enter the year, make and model of the donated car, and click on “Kelley Blue Book Private Party Value”. You’ll then enter detailed information about the donated car, such as mileage and condition, and get a value. You should do this the day you donate the car to charity. Print the result and file it with the donation procedures.
http://www.calctools.com/newrmd.htm
You must begin taking required annual minimum distributions from a traditional IRA or employer pension account by April 1 of the year following the year in which you reach age 70½. This address takes you to a calculator that will determine your required minimum distribution amount for the year.
http://www.investinginbonds.com
Click on “CALCULATORS” in the menu at the top of the page. Next, click on “Taxable/Tax-Free Equivalent Yield Calculator.” This calculator will help you determine how much you need to earn on a taxable investment to equal the tax-free yield of a municipal bond or bond fund.
[http://www.easysaver.gov/sav/sav.htm]
This section of the Office of Public Debt’s website provides a variety of information, calculators, and services for individuals who have invested or are considering investing in US Savings Bonds (all series). Click on “Savings Bond Calculator” under the heading “How much are your bonds worth?” to determine the amount of interest earned on a bond for the year if you have elected to report accrued interest on savings bonds annually on your tax return. You can also go here to find out if your savings bonds have stopped earning interest and to buy bonds online.
http://www.gsa.gov
If you are traveling for business, instead of deducting your actual expenses for meals and incidentals, you may choose to deduct the federal per diem amount for the location of travel. Click on “Daily Rates” under “Travel Resources” to find the federal daily rates for room and board and incidentals for domestic business travel in effect for 2005 and prior years. For your information, “incidental expenses” include fees and tips for porters, porters and maids, but does not include the cost of laundry or phone calls.
[http://www.state.gov/m/a/als/prdm/2005]
This address will take you to the Department of State daily rates for room and board and incidentals for international travel for 2005. Use these amounts if you are traveling abroad on business. To check per diems from a previous year, substitute the year 2005 in the “address”.
[http://www.toolkit.cch.com/p07_2740.asp]
This takes you to a calculator that will help you determine your home office allowable deduction. He is from the Commerce Clearing House, the leading publisher of tax law.
http://www.charitynavigator.org
This site will help you make smart decisions about charitable giving. Provides insights and assesses the financial health of more than 4,000 charities. It also has articles and a guide on how to contribute to charity.
http://www.redleafinstitute.org
The Redleaf National Institute helps child care providers run their businesses successfully. The site offers news, information, and publications on recordkeeping, taxes, IRS audits, contracts, insurance, and other matters related to child care. Provides access to other child care trade organizations and resources, and has a state-by-state listing of tax professionals who prepare tax returns for child care providers.
The above web addresses, and many others, are listed on the FEDERAL LINKS page of my website at www.robertdflach.net
Copyright (c) 2005 by Robert D Flach LLC
