Understanding Your Tax Returns: Your Capital Gains And Losses

Understanding Your Tax Returns is a new series of tax publications designed to help taxpayers across the USA. The objective of these publications is to help taxpayers to understand United States income tax code as far as Form 1040; US Individual Tax Returns is concerned. With a good basic knowledge of the tax code, taxpayers will potentially be in the position to literally increase their income tax refunds (or decrease their tax liabilities) by thousands of dollars, simply by claiming all the tax deductions and tax credits that they are eligible for.
Unlike most other tax publications, these publications have been compiled specifically with the taxpayer in mind, and although very comprehensive, they are also concise, and very easy to understand. These publications are very “reader friendly”—having been compiled in layman’s terms, using simple language, and avoiding tax jargon as much as possible, as they break down the relevant areas of the tax code into understandable segments. The reader, therefore, does not need to have any prior tax knowledge to easily follow what’s contained therein.
These publications explain every line on the Form 1040 tax return. So, for those who might wish to take on the challenge of preparing their own tax returns, they can confidently do so, as they will definitely find these publications to be a very powerful resource tool. Following the guidelines in these publications will enable anyone to prepare almost any Form 1040 tax return. Furthermore, it should be taken into account, even the basic savings that can be enjoyed by just doing it yourself. (The average cost of preparing a typical 1040 tax return can be upwards of $400.)
The author, Milton G Boothe is an IRS Enrolled Agent with over twenty years of tax and financial accounting experience, including a number of years with PricewaterhouseCoopers. He is also a British qualified Chartered Accountant. He is currently employed in private tax practices where he helps people resolve their tax problems, minimize their taxes, and routinely represents the interests of taxpayers before the Internal Revenue Service. As an enrolled agent (EA) Boothe is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the IRS for audits, collections, and appeals.