SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online tax guide so I can thank them personally.
75 State Street, Suite 2105
Boston, MA 02109
617-753-9985
400 Crown Colony Drive, Suite 102
Quincy, MA 02169
617-422-0007
Website: www.pkfjnd.com
2023 Tax Planning Guide
Capital Gains Tax
You pay capital gains taxes on realized gains from long-term investments held longer than one year, and ordinary income tax on realized short-term gains from investments held for a year or less.
Consider gifting appreciated stock or mutual funds to relatives in lower tax brackets. They will pay less or no tax on the long-term capital gains when the shares are sold.
TREATMENT OF LOSSES
With stock markets exhibiting volatility in 2022, this may be a good time to use capital losses to lower your taxable income. A capital gain or loss is the difference between your basis, which is typically the cost of buying an asset adjusted by previous deductions for depreciation and depletion and what you get for selling it.If your investments have a net capital loss, you can deduct up to $3,000 of the loss against your income annually if filing jointly, ($1,500 married when filing separately). If your losses exceed the annual limit, you may carry losses forward to future years, deducting up to $3,000 per year against your income until your capital losses are exhausted.
A WORD ABOUT DIVIDENDS
Qualified dividends are eligible for more favorable capital gains tax rates, while unqualified dividends are taxed as ordinary income.CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
PKF, P.C. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.