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The Difference Between an Inherited Asset and a Gift Received

Posted in Tax News on August 18, 2013

Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold. Inherited Asset For an inherited asset you generally take this asset over at the Fair Market Value at the…

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How to Calculate Your Cost Basis and Save Money…Guaranteed

Posted in Tax News on August 11, 2013

When you sell a capital asset you need to know when you purchased it and what the cost basis is.  These will be used to determine what your capital gain (or loss) is.  Capital assets are items such as stocks,…

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What’s the Difference in Capital Gains Taxes?

Posted in Tax News on February 24, 2013

Capital Assets Capital assets are generally those held for investment.  Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.

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7 Easy Ways to Decrease Your Income Tax and Keep More Money

Posted in Tax News on July 24, 2012

 1) Maximize Your Contributions to Your 401(k) Plan Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a…

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3 Reasons to Recognize Capital Gains in 2012

Posted in Tax News on July 3, 2012

1) The Long-Term Capital Gains Rate is Going Up Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules.  The…

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