Last-Minute Tax Tips

The tax filing deadline, April 17, is coming up soon—and experts say this year’s returns are littered with potential land mines.

Among them: a new form for reporting foreign financial assets (with large penalties for not filing) and a new form for small businesses reported on individual returns that will make it easier for the Internal Revenue Service to find unreported income.

But the biggest new hurdle involves capital gains on investments. Tax preparers say they are finding serious snafus involving “cost basis,” or the amount an investor paid for a stock he later sold.

via Last-Minute Tax Tips – WSJ.com.

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