Hi, we're going to do a series of videos on the topic "The World is Different," and this first one is going to be about taxes - an introduction to that topic. Obviously, the world has changed in a lot of ways, but it's changed in some ways that we're not always aware of or familiar with, or adjusted to our benefit. Let me set the stage a little bit. In the aftermath of World War 2, many GIs came back from the war and were given a GI Bill, which allowed them to go to college and get an education. At this time, our economy was starting to expand, with a lot of manufacturing. For the first time, there were new employment opportunities in middle management in corporations. And with these opportunities came better salaries, group benefits, health insurance, and pensions for the majority of people. The middle class, for the first time, had discretionary income and were able to invest. It was truly the creation of the middle class. However, along with these opportunities came middle-class habits, both in consumption and saving. Sometimes, habits are hard to change even when the world has changed. Let me give you a visual example before delving into my first topic. Picture a stop sign. What two colors are on the stop sign? Say the colors to yourself or out loud. Likely, you came up with red and white. You are correct - stop signs are red and white, and they always have been. Now, let's move on to question number two. Picture a yield sign at a different intersection. What color is the yield sign? Think of the two colors. Did you picture black and yellow? If so, that's outdated information. Yield signs have not been black and yellow since 1972, when the U.S....
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Is a 1099 B taxable income Form: What You Should Know
Benefits to Yourself As a broker, you're responsible for ensuring all your clients pay the correct amount of income tax. Knowing what your clients paid is one of the most important ways to protect yourself from an IRS audit.  Knowing your clients' net taxable income on the date that they sold stocks or sold stock options can allow you Benefits for the Client Knowing which clients have filed Form 1099-B is the first key to helping your clients avoid trouble with the IRS. Knowing your clients' taxable income means knowing how much they pay federal income tax based on the value of their securities -- Benefits for Investors You may be able to learn whether your clients paid extra federal income tax by determining whether they were included in a 1099-B exchange. This is how you can determine: If they made money or lost money on a transaction that should have been subject to tax under the federal income tax code; When they made the exchange, through what currency; and, Which currency (US or foreign) in which the exchange took place. Benefits for the Broker You can also use the information in 1099-B to analyze the performance of all your clients, whether the gain was positive or negative. Knowing your clients' net taxable income can help you improve their trading activity -- and your own.
Online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form 1099-B, steer clear of blunders along with furnish it in a timely manner:
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