Tax Tips for Tax Year 2008
Tax Question Central
We're no longer accepting tax questions, but you can read all of Kevin's
answers here.
Featured Question:
Bond Defaults
I own some bonds of GMAC. If GM files bankruptcy, are the GMAC bonds likely to default; and if so how would I treat that for tax purposes? Thank you.
-- Mike Weber, Spencerport, NY
Answer:
That all depends on what ultimately happens to the bonds. If GM misses a payment, there's no tax impact...except that you don't have to pay tax on interest you don't get. (There is, however, no deduction for interest income you don't receive). If you wind up receiving less for your bonds than you invested in them (either because you sell them or a bankruptcy proceeding awards bondholders pennies on the dollar, for example), you would have a capital loss to deduct on your tax return.
-- Kevin McCormally
NBR's archived Tax Tips:
November 2008
Year End Tax Tips for Tax Year 2008
March & April 2008
Tax Tips for Tax Year 2007
November 2007
Year End Tax Tips for Tax Year 2007
It's tax time, which means it's also time for NBR's special series -- "Tax Tips with Kevin McCormally." Once again, Kevin McCormally -- a noted personal finance expert and the Editorial Director of Kiplinger's Personal Finance -- tells you how to use the tax law to keep more of your money out of the IRS' hands.
Kevin's tips will air Mondays in March and April. The final tips will air daily April 13th through 15th. Review the tips below. Explore the Q&A section to ask Kevin your own tax questions and to read his answers.
Tip #8 - Two Final Tips
April 15, 2009
Don't delay on submitting your taxes & you may want to update your
W4 form at your employer.
Read Transcript | Video
Tip #7 - A Dangerous Time
April 14, 2009
In your rush to meet the tax deadline, don't overlook these legitimate tax breaks.
Read Transcript | Video | Learn More
Tip #6 - Life Insurance Ruling
April 13, 2009
A court case could impact owners of shares of demutualized life insurance companies.
Read Transcript | Video | Learn More
Tip #5 - Tax Relief for Fraud Victims
April 6, 2009
Victims of Bernie Madoff and other schemers will find it easier to write-off losses.
Read Transcript | Video
A list of general tax resources as well as links to any websites Kevin McCormally mentions in his tips.
Internal Revenue Service (IRS)
The IRS collects taxes and enforces U.S. tax law. Among other things, the IRS website contains tax forms and a system for filing taxes online.
Kiplinger's Personal Finance
Kevin McCormally is editorial director of Kiplinger's Personal Finance.
*If you click these links, you will be taken off the NBR website on PBS.org. NBR has no affiliation with these sites.
