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Learn about capital gains taxes and strategies to reduce liabilities with Wasserman CPA’s expert guidance.
Capital gains are earnings from the sale of particular assets, including real estate, stocks or some other investments. We have been doing this for over three decades at Wasserman CPA and so our sole focus in this area is to demystify the complex capital gains tax obligations for individuals.
As for a profit gained from selling certain assets such as real estate or stocks or any other type of investment, and they are considered to be either short-term capital gains or long-term capital gains depending (of course) on the holding period which would lead to particular tax liabilities:
This difference in these types of gain directly correlates to tax liability.
Certain IRS filing requirements depend on the capital gains being reported as realized. For seamless outcomes, our experts conduct in-depth assessments for every disparate scenario. As a result, this streamlined process has allowed us to ensure our clients’ capital gains taxes are calculated correctly.
The deadline for reporting capital gains is typically April 15 of the year following the tax year in which the gains were collected. Additionally, if the deadline lands on weekends or holiday it will typically get postponed to the next business days. You can also request an extension using Form 4868 for additional time to file until October 15.
If an individual has capital gains from foreign investments that exceed certain thresholds, there may also be a requirement to file Form 8938, Statement of Specified Foreign Financial Assets and FBAR (FinCEN Form 114).
To prevent penalties on capital gains taxes, you may need to make quarterly estimated payments using IRS Form 1040-ES.
We help our clients and guide them through every step of the way to ensure maximum profitability and compliance with IRS rules and regulations. Our process of managing capital gain tax are usually includes:
We start with a consultation or quick email chat to understand your unique needs and how we can best support you.
We calculate your income gains and losses on your assets and determine the major strategies for reducing your tax burdens.
After performing our analysis, we create a personalized tax strategy for each unique scenario. Meaning, we will help you choose when to sell your assets, which investments to buy or hold and if you should use a 1031 exchange or reinvestment plan to defer taxes.
We take care of all your capital gains tax reporting. This consists of completing Form 8949 and Schedule D plus any other applicable forms such as Form 4797 for the sale of business property. We make sure all forms are correct and filed on time, and we minimize the chances of an IRS audit.
While many firms only help during tax season, we offer year-round ongoing support. Wasserman CPA experts keep a watchful eye on your investments and notify you about potential tax saving options as market conditions change. We continuously update your strategy in the event of new legislation potentially impacting capital gains obligations.
We sit with our clients to go through all the documents line by line so that before we file the tax returns they know each and every detail. We clarify the results, and based on your feedback will address any concerns and/or make modifications accordingly.
After you approve, we then file your tax return. We are here if you have any questions or need help after filing. Especially when the tax authority wants extra, or an audit exists.
Whether you will need to settle your capital gains tax obligations, or if you want to plan out your investments to work around taxes, Wasserman CPA would be happy to help you. George Dimov and Marc Wasserman Leading with decades of experience, our professionals provide straightforward solutions.
Get in touch with us today and allow our decades of experience to work for you. As one of the top firms in South Jersey, we strive to assist clients with taxing and non taxing issues around their capital gains with confidence.
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Marc has been both my business and personal accountant for several years. During this time I have had a number of small businesses and bought and sold real estate. I know that I can rely on Marc to do the best possible job for me in any financial situation.
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