Originally Posted by
HIFLYR
If you really want to save money you should not pay interest on any credit cards. Pay your bill in full every month no matter how painful. Per my CPA's advice I do not sometimes claim every "allowable" dollar or deduction on my tax return but I probably will not get audited. Believe the Country Lawyers advice you do not want to get audited it is not worth pressing your luck. The IRS makes the FAA look like girl scouts.
Sometimes there are big purchases that couldn't be paid off in one single payment. However I carry no balances on my personal cards. My farm purchases large quantities of chemical and other things at time that take a little time to get through. It's just part of the business. Not normal practice but it happens.
If I'm wrong on some things then I'm wrong. Like I said I'm not accountant and if it were as easy then everyone would be doing it. I've done my best to check on most items, however, some sources say yes while others say no. If there are other things inaccurate then lets have at it. I'd rather not fill in something completely wrong. I have my statements checked for flags though prior to shipping out and they didn't seem to find any last year.
Another Question. If I have stock in Company A and B. In company A I sell and make 10k. In B I sell and lose 10K. Do I owe anything? Do I pay on A and simply not pay on B or do they cancel each other out as a total investment outcome tax?
Also must I pay tax on dividends? If I received $3k in dividends but had them rolled over back into the stock do I still have the pay tax on the $3k?