The tax code's offset game can help you reduce your 2021 income taxes. You are allowed to use long-term losses to create the allowed deduction against ordinary income.
Now, if you have lots of capital losses or capital loss carryovers, there are strategies to offset them.
Another strategy is to give appreciated stock to your parents and non-kiddie-tax children. You get a bigger bang for your buck by gifting them stock, then having them sell the stock. Tax law allows you to carry forward the excess until used, for up to five years.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.