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Tax Savings

03 / 04 / 2017 by Angela Freyman in Personal Tax

Last Minute Tax Planning Strategies You Can Implement in 2017 for 2016

You’ve started working on your tax return (or spoken with your accountant) and it looks like you’ll owe more taxes than you’d like. Now what? It’s too late to change your 2016 taxes now that it’s 2017, right? Fortunately, retirement savings can save you and¬†reduce tax liability!

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09 / 01 / 2015 by Greg Freyman, CPA in Business Tax

Year End Tax Planning Strategies For 2014

Many taxpayers often review tax planning strategies after the New Year. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late.

 

Harvesting investment losses to offset capital gains

Investors can reduce their taxable income by realizing capital losses. After netting capital gains against losses, taxpayers can offset up to $3,000 of ordinary income and carry-forward the remaining amount for future years. Please note that the character of the investment as long-term versus short-term will impact the way in which gains and losses are netted.

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