Beware of the Wash Sale Rules If you sell a security before the end of 2012 to take advantage of a capital loss, be aware of the wash sale rules. To make sure the loss is deductible, refrain from buying the same security or a substantially identical security during...
Consider Bunching Deductions to Save on Taxes Getting the most benefit from tax deductions requires multi-year planning as well as consideration of the alternative minimum tax (AMT). The multi-year part involves “bunching” your expenses. That’s a strategy where you...
Some 2013 Increases/Decreases Some numbers for 2013 I thought you might find interesting. * SOCIAL SECURITY taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing...
Converting to a Roth IRA If you convert a traditional IRA to a Roth, there’s a price to pay. Converted amounts attributable to tax-deductible contributions, plus all of the earnings, are taxable at ordinary income rates. To lessen the tax hit, you may choose to...
Tax Planning is Important According to a recent report from the Treasury Department, the IRS is stepping up its audit efforts with a focus towards tax evasion. Many of these situations can be avoided by simply sitting down with your accountant before the end of the...
