We are a professional tax firm that are experts in income tax preparation. We offer a full range of services and financial planning that benefits all your tax needs, business needs and can give you peace of mind for your financial future.
We are comprised of tax attorneys, certified public accountants, enrolled agents, and former IRS agents.
On staff are former IRS audit managers and teaching instructors that taught income tax law at the Internal Revenue Service. As a result of our years experience at IRS we can ensure and guarantee that you pay the lowest amount of tax allowed by law.
We can help audit proof your tax return so you never have the fear of IRS.
We have a combined 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service and the local South Florida IRS offices as well as the district and regional offices of IRS.
Since 1982 we have been building long-term relationships with all our clients and please note that we are A+ rated by the Better Business Bureau.
Come by and visit our offices today and see why we are used by hundreds of South Floridians to both prepare their income tax and set up their financial planning.
Ten Facts about Capital Gains and Losses
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset.
Here are 10 facts on capital gains and losses:
1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets include your home, household furnishings, and stocks and bonds that you hold as investments.
2. A capital gain or loss is the difference between your basis of an asset and the amount you receive when you sell it. Your basis is usually what you paid for the asset.
3. You must include all capital gains in your income.
4. You may deduct capital losses on the sale of investment property. You cannot deduct losses on the sale of personal-use property.
5. Capital gains and losses are long-term or short-term, depending on how long you hold on to the property. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term.
6. If your long-term gains exceed your long-term losses, the difference between the two is a net long-term capital gain. If your net long-term capital gain is more than your net short-term capital loss, you have a ‘net capital gain.’
7. The tax rates that apply to net capital gains are generally lower than the tax rates that apply to other types of income.
The maximum capital gains rate for most people in 2012 is 15 percent.
For lower-income individuals, the rate may be 0 percent on some or all of their net capital gains. Rates of 25 or 28 percent can also apply to special types of net capital gains.
8. If your capital losses are greater than your capital gains, you can deduct the difference between the two on your tax return.
The annual limit on this deduction is $3,000, or $1,500 if you are married filing separately.
9. If your total net capital loss is more than the limit you can deduct, you can carry over the losses you are not able to deduct to next year’s tax return. You will treat those losses as if they occurred that year.
10. Form 8949, Sales and Other Dispositions of Capital Assets, will help you calculate capital gains and losses. You will carry over the subtotals from this form to Schedule D, Capital Gains and Losses.
If you e-file your tax return, most software will do this for you.
Contact us today to learn more about our income tax preparation service. We are A+ rated by the Better Business Bureau and have been serving South Florida since 1982. We look forward to meeting youView all posts by Michael Sullivan → ← Accountants, CPA’s – Income Tax Preparation, Audit Proof your Tax Return – Former IRS – Ft.Lauderdale, Miami – Since 1982 Settling a Tax Bill, Offer in Compromise – Settlement Experts, Former IRS →