How to Keep Tax Records for Charity

Part of the Video Series Tips for Filing Taxes

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The IRS likes to see a paper trail. Learn how to keep your tax records up to date in this free video clip about business tax deductions.

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Video Transcript

How to Keep Tax Records for Charity
Hi, I'm Tom Choisnet, enrolled agent. No tax presentation would be complete without a little talk about capital gain. Capital gains are the sale of assets, most commonly stocks and real estate. They are given a preferential rate. The holding period in order to get that preferential rate is one year. Stocks must be held only one year in order to get the preferred rate on the tax. One thing that should be noted here on capital gains is that at the end of each calendar year, it's a good idea to review your portfolio and sell off some of the stock losing in order to be able to minimize the effect of the gains on other assets sale. I hope these little ideas help you a little bit on managing your capital gain reporting. Thank you!

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More