by: KATIE MARASCO, ESQ

It’s about that time, or has been for awhile now. Less than a week until the big day and people are scrambling to get their finances in order, and crossing their fingers for a big refund. This year will prove to be an interesting one for a lot of investors. People saw a lot of losses this past year and will be looking to make those work for them in the best possible way.

What do you need to do to be able to write off those stock losses from 2008? Well, you needed to have SOLD in 2008. You can’t write off a loss if you didn’t sell. So if you didn’t sell some of those loser stocks last year, 2009 might be the year to do it. And you can probably carry your losses backwards when next year’s tax season rolls around.

Avoiding an audit is something all taxpayers want. Once the taxes are filed dreading an audit is probably the next thing on your list of negatives. If you are making large deduction claims make sure to show some proof. Receipts are very helpful. If you use a computer based system you are less likely to make mistakes and draw attention to yourself. And lastly, don’t make crazy deductions! Be sure to ask an accountant or tax attorney about what you can and cannot deduct. Visit lawinfo to find a tax attorney in your area.