My Twitter tax tips for this week are listed below. My twitter handle is @bluntbeancountr. Most tips have a direct link, thus, I have little commentary this week.
If you sold collectibles in 2012; coins, stamps, china, they may not be taxable if proceeds are <$1,000. http://bit.ly/Y0cc0K #blunttaxtip
If you have capital loss carryforwards, consider a flow through http://bit.ly/VLxgXs for 2013 to reduce taxes. #blunttaxtip
Did you know that safety deposit box fees are tax deductible? #blunttaxtip
Do you have unrealized capital losses & your spouse unrealized cap gains? Transfer your losses in 2013. http://bit.ly/RSGpgk
#blunttaxtip
Instead of cash #donations, consider donating public securities with capital gains. There is no tax on the gain. #blunttaxtip
Note: If you had a stock worth $1,000 with an adjusted cost base of $200 and sold the stock; at the highest marginal tax rate, you would have after-tax proceeds of approximately $815 ($1,000 less $185 tax). If you donated the $815, you would save approximately $380 in taxes from the donation assuming you had already made $200 in other donations, resulting in net tax savings of $195 ($380 less $185 tax).
However, if you donated the shares directly, the charity would receive $1,000 instead of $815 and you would save approximately $465 in taxes.
Tips for Week of February 11 - February 15, 2013
If you sold collectibles in 2012; coins, stamps, china, they may not be taxable if proceeds are <$1,000. http://bit.ly/Y0cc0K #blunttaxtip
If you have capital loss carryforwards, consider a flow through http://bit.ly/VLxgXs for 2013 to reduce taxes. #blunttaxtip
Did you know that safety deposit box fees are tax deductible? #blunttaxtip
Do you have unrealized capital losses & your spouse unrealized cap gains? Transfer your losses in 2013. http://bit.ly/RSGpgk
#blunttaxtip
Instead of cash #donations, consider donating public securities with capital gains. There is no tax on the gain. #blunttaxtip
Note: If you had a stock worth $1,000 with an adjusted cost base of $200 and sold the stock; at the highest marginal tax rate, you would have after-tax proceeds of approximately $815 ($1,000 less $185 tax). If you donated the $815, you would save approximately $380 in taxes from the donation assuming you had already made $200 in other donations, resulting in net tax savings of $195 ($380 less $185 tax).
However, if you donated the shares directly, the charity would receive $1,000 instead of $815 and you would save approximately $465 in taxes.
The blogs posted on The Blunt Bean Counter provide
information of a general nature. These posts should not be considered specific advice;
as each reader's personal financial situation is unique and fact specific.
Please contact a professional advisor prior to implementing or acting upon any
of the information contained in one of the blogs.
