One of the topics that arise at tax time is about the wash sale rule. If you take it into consideration before taxes and sell your losing positions that have no chance turning green, you can offset your taxes on capital gains. This can be an effective way of paying less capital gain taxes when you file with your tax accountant, but you must avoid the wash rule to claim losses.What is it?A wash sale is selling a security that is a loss and purchasing the same security back within 30 days. When you purchase the same security back within 30 days of the sale, you can not report it on your taxes as a loss. Investors will repurchase the security back in hopes of it recovering; but if it does not recover like they thought, you will not only lose more money but you will not be able to claim the loss on your taxes. One thing to note is that the wash sale rule only applies to losses, not gains. You will not be able to offset your capital gain tax by buying the same stock back within 30 days to eliminate reporting a gain.What is the purpose of it?The purpose of it, is to prevent investors from selling a stock or security at a loss to offset their capital gain tax and then repurchase the same...more
For many people, filing tax returns is one of the most complex and confusing tasks. This is because tax laws are very intricate. One has to pay tax on his taxable income which usually includes salary, interest on investments, capital gains, prizes, and pensions. Then there are tax deductibles as well, income on which no tax is levied. A person with...more
If you are like most California business owners, you are too busy running your company to also be able to devote the time it takes to keep up on the latest news about California tax incentives. This is the reason why many business people turn to a Long Beach accountant who handles individual as well as corporate tax planning. A CPA knowledgeable...more
It can be tough to stay afloat in these tough economic times, but many California companies get a break when they qualify for corporate tax incentives. These might include enterprise zone credits, eco credits or federal hiring credits. When you combine them, they can drastically reduce the tax amount that your California company owes, and they will allow your company to help improve the economy in areas of the state that would benefit.Corporations will find some of the best corporate tax incentives when they are located in an enterprise zone. There are forty-two enterprise zones located throughout the state of California. These are economically depressed areas where the state wants to encourage businesses to set up shop and hire locals, and thus they offer enterprise zone credits to help attract corporations. If your company is located in one of the enterprise zones, then you may qualify for not only hiring credits but also eco credits. If you hire people who live in the enterprise zone who are members of certain qualifying groups, they can earn your company enterprise zone credits of up to $13,000 annually per employee. These targeted groups include disabled veterans,...more
As a rule, one pays income tax on personal earnings, incomes from self-employment, national insurance contributions, and any state pension that one receives. Income tax is also paid on savings and investments. And so, at times, it can become...more
Keep in mind, I am saying business adviser not tax adviser. Therefore, it is important that tax advice should be seen as business advice as the tax structure will affect the whole business.Adapt Correct Tax Order By: Dinesh Awasthi ...more
The Cowboys will host the Detroit Lions on November 21st and then host the Super Bowl champion New Orleans Saints on Thanksgiving Day in another huge sportsbook match-up. Dallas will continue the toughest portion of their 2010 NFL schedule with a...more
If you have filed taxes before, you know that it is not an easy process. Tax season is one big headache for some people.With the possibility of being audited by the government, it is that much more important to make sure you file your taxes exactly...more
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