7 Smart Year End Tax Planning Moves

December 7, 2011 Tax News 6 Comments Print this page Share

1) Harvest Capital Losses

Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.

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Can You Claim Your Elderly Parents as Dependents on Your Tax Return?

February 18, 2011 Tax News 2 Comments Print this page Share

This could be a very difficult situation for many of us and quite a role reversal. However, as our parents age we may have to consider the option of having them live in our home. If you are taking care of an elderly individual in your residence you may be able to claim them as your dependent providing you meet certain conditions.

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