Individual Capital Gains Explained
At year-end, we get calls from clients asking about individual capital gains as they harvest gains and losses. This is an overview of the rules. Capital gains are grouped and taxed based on the holding period. Long-term capital gains or losses are generated by the sale of assets held over 12 months, and short-term have…
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Making the Most of Fixed Asset Purchases – Expensing Options
Let’s review some options to reduce taxable income through expensing of fixed asset purchases and, in some cases, improvements.
A Better Way to Make Federal and State Tax Payments?
By: Lane Hooper, CPA, Senior Accountant Since the pandemic began, the Internal Revenue Service has struggled to process returns, payments and correspondence. See our July 13th post (link here) if you’d like to read more in depth about the current state of affairs at the IRS. If one of our clients experiences an IRS issue,…
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2020 Tax Planning Tips: Part 3
If you’re new to our 2020 Tax Planning series, click here to start with Part 1! Otherwise, keep reading for some more great tips to help individual taxpayers minimize their 2020 tax bill. In Part 3, we’re going over traditional IRAs and Roth accounts! Be on the lookout for part four, where we’ll dive into…
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