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Keywords: Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:00 EST. |
Reporting Interest
Q. My bank credited interest of $500 to my savings account last year, but I didn't have it entered in my passbook until February of this year. Do I report the interest on my Form 1040 for the last year or this year?
A. Report it on your return for last year. The $500 will be included in the Form 1099 for last year that you receive from the bank.
Q. Last week, I won $25,000 in our state lottery. Since I expect to be in a much lower tax bracket next year, can I wait until then to cash my ticket and thereby cut the IRS's share?
A. No. The money is yours for the asking; therefore, you must report all of it on this year's return, even if you do not collect you prize until next year.
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