Year-end is an ideal time to review and adjust your investments.
Offset Gains with Losses
Match short-term gains (taxed as high as 40.8%) with long-term losses.
Avoid Wash-Sale Traps
Selling and repurchasing the same stock within 30 days cancels your loss. Wait until January to rebuy if you plan to claim the loss in 2025.
Share Wealth within the Family
Gifting appreciated stock to children or parents in lower tax brackets lets them sell at 0%–15% capital gains rates, freeing up after-tax cash for the family as a whole.
Donate Appreciated Stock to Charity
Instead of cash, donate appreciated shares. If you itemize your deductions, you’ll receive a deduction for the fair market value and avoid paying capital gains on the appreciation.
Sell Losers, Then Give Cash
If a stock has lost value, sell it to recognize the loss, then donate the cash proceeds. This way, you claim both the loss and the charitable deduction.
Sterling Tax and Accounting is here to help your business with tax planning! Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket. If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.
Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.
Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here: https://www.sterling.cpa/contact-us/