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.
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.
When most of us think about our accountant, filing taxes often comes to mind. However, accountants are trusted advisers that can offer much more to their clients than just preparing tax returns. Recently, we had a chance to speak with Greg Freyman, CPA to learn more about his Jacksonville Florida based accounting practice and the innovative ways he is able to offer value to his clients.