Tag: #advisory

Capital Gains Tax Blog Series 5: Updates for 2023

November 29, 2022

The thresholds for each tax rate are adjusted annually for inflation. The IRS has released  the 2023 thresholds (click here for the 2023 inflation adjustments).  Given the high inflation rates of late, the thresholds will increase at a greater rate for 2023 than they have in recent years. This is good for taxpayers, since itRead more…


Series 4: Tax Loss Harvesting and Carryover of Capital Losses

November 9, 2022

What if you lose money on your investments? A tax loss can be a valuable asset if you use a strategy called “tax loss harvesting,” which is based on the ability to offset capital gains with capital losses so that you only pay tax on your net capital gains. However, there’s a certain sequence youRead more…


Series 3: Capital Gains Tax Rates

November 2, 2022

Long-term capital gains are subject to lower rates of tax than short-term capital gains, which are taxed at ordinary income tax rates. You therefore need to know your holding period for any capital asset you sell. If you hold an asset for more than one year, the gain you realize when you sell it willRead more…


Series 2: When are Capital Gains Taxed and How to Calculate

October 27, 2022

Capital gains are taxed when they’re “realized.” Your capital gain (or loss) is generally realized for tax purposes when you sell a capital asset. As a result, capital assets can continue to appreciate (increase in value) without becoming subject to tax as long as you continue to hold on to them. For example, loans againstRead more…


Series 1: What are Capital Gains?

October 13, 2022

Capital gains are the profit you make from selling or trading a “capital asset.” With certain exceptions, a capital asset is generally any property you hold, including: Investment property, such as stocks, bonds, cryptocurrency, real estate, and collectibles; and Property held for personal use, such as a car, house, or home furnishings. There are, however,Read more…


Capital Gains Tax 101: Basic Rules You Need to Know Blog Series

October 4, 2022

Introduction Learn the ins and outs of the capital gains tax, which you may owe if you sell stocks, your home, cryptocurrency, a stamp collection, and much more. Billionaire business owner Warren Buffett once famously commented that his secretary paid taxes at a higher rate than he did. Although there are surely many factors atRead more…


Understanding How the IRS Contacts Taxpayers – Avoid Scams and How to Know it’s Really the IRS Reaching Out

September 20, 2022

With continuing phone and in-person scams taking place across the country, the IRS wants to help you understand how and why agency representatives may contact you. In most instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the situation, IRS employees may first call orRead more…


Back Up Your Data – The Invaluable Benefits of Remote Backups

September 6, 2022

The Importance of Backing Up Your Data Hardware failures. Natural disasters. Theft. User error. Your data isn’t safe! All of these things are notorious for claiming massive amounts of valuable data at any given time. Thankfully, your data can be protected from all of these threats with a backup and disaster recovery plan. One ofRead more…


1099-K Changes: How Will This Affect Your Side Hustle?

August 9, 2022

  There are many different variations of the 1099 form, but the 1099-K is a tax form that shows all the payments you received through a credit or debit card or some other electronic payment system (these are also known as “third-party payment settlement entities” or PSEs . . . Yeah, that’s a mouthful). Some ofRead more…


5 Ways to Prepare for a Recession

August 2, 2022

The signs seem to be pointing in one direction these days, so if you’re worried about being ready for a recession, consider taking these five measures. On paper, a recession is a fall in GDP for two consecutive quarters. Unfortunately, the actual GDP report lags the quarter-end by at least a month and is constantlyRead more…