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Capital Gains and Losses – 10 Helpful Facts to Know

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment.

Here are 10 facts that taxpayers should know about capital gains and losses:

Itemize or Choose the Standard Deduction

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

The IRS offers the following six tips to help taxpayers decide:

1. Use IRS Free File. Most taxpayers qualify to use free, brand-name software to prepare and file their federal tax returns electronically. IRS Free File is the easiest way to file. Free File software helps taxpayers determine if they should itemize. It files the right tax forms based on the answers the taxpayer provides. Free File software does the math and allows the user to e-file the tax return – for free.

Taxpayers can check on other e-file options if they can’t use Free File.

2. Figure Your Itemized Deductions.  Taxpayers need to add up deductible expenses they paid during the year. These may include expenses such as:

Workshop Scheduled to Plan for Future Development along Metro Rail

Workshop Scheduled to Plan for Future Development along Metro Rail

GBNRTC encourages community members to attend March 29 workshop to share ideas

BUFFALO, N.Y. – The Greater Buffalo-Niagara Regional Transportation Council (GBNRTC) is encouraging the community to explore ways to encourage Transit-Oriented Development along the existing Metro Rail line in the City of Buffalo as well as proposed Metro Rail extension to the Northtowns.

“Transit-Oriented Development is gaining momentum across the country as a way to leverage transit investment to enhance access to jobs and education, improve neighborhood connectivity to transit, and encourage community investment and economic development,” said GBNRTC Executive Director Hal Morse.

“Essentially, Transit-Oriented Development provides our region the opportunity to capitalize on the full potential of transit investment to strengthen neighborhoods and bolster the economy,” he added. 

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

More than 30 high school students from Chautauqua County celebrated the completion of the Fredonia and AT&T STEM Exploration Program with an expo and demo event where they demonstrated some of their STEM projects, including virtual reality, mathematical posters, sealed seeded petri dishes with bacteria, gliders and Theremins, an electrical musical instrument that they learned to assemble, and other projects. The students that participated in the inaugural three week program also received recognition certificates from representatives from Rep. Tom Reed’s, New York State Senator Catharine Young’s and New York State Assemblyman Andy Goodell’s offices.

Use the “Where’s My Refund?” Tool

 

Taxpayers who have not yet received their income tax refunds can use “Where’s My Refund?” app to check the status. Find it on IRS.gov or the free IRS mobile app IRS2Go.

Here are five tips to know about “Where’s My Refund?”:

1. Some Refunds Delayed. Beginning in 2017, certain taxpayers will get their refunds later. By law, the IRS cannot issue refunds before February 15 for any tax return claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). The IRS must hold the entire refund, not just the part related to the EITC or ACTC. The IRS began releasing delayed 2016 EITC and ACTC refunds on February 15.

Check Out These Tax Benefits for Parents

Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return:

Six Tax Tips for the Self-Employed

Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: