Identify Shares you are Selling You can often manage the size of your gain or loss when you decide to sell some, but not all, of a particular stock or mutual fund. To do this, you must have kept good records of the date and the price for each share purchase. By...
Make sure you make your RMDs! Reminder: Required minimum distributions (RMDs) must be taken by December 31. RMDs are mandatory withdrawals from certain retirement accounts, generally after you reach age 70½. You must take a withdrawal by December 31 if the rules...
Analyze Your Customers! If your business is like most, you put a lot of effort into attracting new customers. After all, that’s an essential part of growing the business. But sometimes it’s more productive to step back and review your existing customers, and perhaps...
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...
