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Year end Tax Planning and Income Tax Savings
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| Tax Planning - Year end Tax Planning and Income Tax Savings |
Tax Basics: A common mistake many people make is assuming that tax shelters help only those who are already rich. The truth is, there are many more tax shelters available than most people realize — and the majority can be of great benefit to persons of even modest means. They may not be exotic or glamorous but they are more than worthwhile.
Capital gains tax: When you invest in stocks, bonds and other capital assets, you also owe capital gains taxes on the profits from the sale of those investments. Normally, if you sell an asset at a higher price than what you paid, you earn a capital gain. If instead, you sell at a lower price than what you paid, you earn a capital loss.
Help Parents and Save Tax: As your parents grow older, they may require some financial assistance themselves. Often all they need is a bit more current income. You would probably like to help them but want to do so at the least cost to yourself. A variety of techniques may allow you to obtain some tax benefit from the help that you provide.
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