New Year’s Resolutions not only give you goals to aim for throughout the year, but they can also save you money in the process. By spending more time with family and friends, living a healthier life and helping others, your chances of living a more enjoyable life are increased. For more information about some of the most common New Year’s Resolutions and a little financial insight regarding them, read this C.P.A Insight.
There are several benefits involved when dealing with tax-loss selling, which is selling a stock that has lost value in order to realize a taxable loss. Losses can be used to eliminate both long-term and short-term gains. For more on tax-loss selling and an example of its benefits, read this C.P.A. Insight
Stock options have become a very popular way of compensating or providing added benefits to employees. Two types of stock options are Nonqualified Stock Options and Incentive Stock Options. Both options require proper planning and timing to minimize the tax consequences. For more information about income and stock options and to learn more about what each one entails, read this C.P.A. Insight.
While you might dabble in real estate, you must be classified as a real estate professional before you can deduct job-related losses in full on your income tax return.
Teaching children about the concept of money can be a simple lesson with a lifetime of benefits.
By using the Gift Tax Exclusion in your estate and income tax planning, you can give up to $12,000, per resident, per year, free of gift tax. This tax rule allows you to ensure the financial security of your family and loved ones. For more information about how to take advantage of a gift-giving program, read this C.P.A Insight.
If you pay for child-care expenses so that you may work, you may be eligible for the Child and Dependent Care Credit on your federal income tax return. The credit can be up to 35 percent of your qualifying expenses, depending upon your income. For more information on this tax credit and the limitations on the credit, read this C.P.A. Insight
Housekeeping for your business may sound out of place, but it is something that can be beneficial to your business. Keeping tidy information and records should improve your business’ efficiency. For a detailed look at the information a business should keep on hand, what should go to storage and what should be destroyed, read this C.P.A. Insight.
If you’ve been fortunate enough to be able to sell your house, the IRS had some rules that may allow you to exclude up to $250,000 of the gain of your main home from your income. The IRS also has some rules for reporting the sale of your home as well as deducting the remaining points you paid to secure a mortgage. For detailed information on these rules, read this C.P.A. Insight.
If you are retiring and hold a significant amount of your company’s stock in your qualified retirement plan, you can choose to elect a special tax treatment for the distribution called net unrealized appreciation. Before you make this election, you’ll need to compare your tax liability on the distribution to future tax costs. For more information on this strategy, read this Financial Strategy.
