Taxes 2008
Filed Federal and State income tax forms electronically on Feb 24 at 11:53 pm. Assuming that they get accepted, I should get a refund deposited in my bank account in about a week or so. Usually, I don’t like to get a refund and I manage my taxes year-round to make sure I am not witholding more than needed. There is no sense in giving the government an interest-free loan. Thanks to last year’s stock market crash, I captured some losses ($3000 more than capital gains are allowed) and that resulted in this refund. Looking at the current market conditions, I think I’ll have an opportunity to do the same again this year.
Update: Tax forms were accepted by Federal and State authorities in record time, just over 9 hours. Excellent!
Gains or losses in options trading and taxes: I made a couple of options trades during 2008 and didn’t find them on the 1099 from sent by my brokerage. When I called them about it, I learned that options are not stocks or mutual funds and brokerages don’t report those transactions to IRS. It is upto individuals to report gains and losses in those options transactions. Another loophole for people to cheat on taxes but, it would certainly be uncovered if the tax forms get audited.
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