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This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Half of the year is almost over. Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. …
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…
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.
The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period…
The primary reason to make the Subchapter S filing status election is to have a single federal income tax when the business is eventually sold. If the corporation is not an S corporation and the company assets are sold, there…
