Tax gain-loss harvesting is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates. 
Tax Return Access: Included with all TurboTax Deluxe, Premier, Self-Employed, TurboTax Live or prior year PLUS benefits customers and access to up to the prior seven years of tax returns we have on file for you is available through 12/31/2021. Also included with TurboTax Free Edition after filing your 2019 tax return. Terms and conditions may vary and are subject to change without notice.

Donations to qualified charities are eligible for a deduction as well. Cash and check donations are deductible and full, and most gifts of property are also deductible up to their fair market value. The key to claiming charitable deductions is to make sure you get the appropriate acknowledgment from the charity that you made the gift, because you'll need that documentation in order to support your deduction in case you're audited.
There are tax credits for college expenses, for saving for retirement, for adopting children, and for childcare expenses, you might pay so you can go to work. The Child Tax Credit is worth up to $2,000 for each of your children under age 17 subject to income restrictions, and the Earned Income Credit (EITC) can put some money back into the pockets of lower-income taxpayers. 
Navigating through all the details involved with tax preparation can be a difficult task for any business owner. Ease your tax burden with the help of a professional throughout the year. Franklin P. Sparkman can help businesses minimize their tax liability while also deferring expenses and income that could enable business to pay less in taxes. A reduction in annual income taxes is also a positive for any business as Franklin P. Sparkman continues to assist the following businesses:
Look for a bank that has a local branch as well as robust online banking. Also, be sure the bank can integrate with your point-of-sale (POS) system and other technological needs. Business bank accounts typically charge more than personal accounts and often have a higher minimum balance. Check these numbers before committing to a bank and a business account.
By 1880, the modern profession of accounting was fully formed and recognized by the Institute of Chartered Accountants in England and Wales. This institute created many of the systems by which accountants practice today. The formation of the institute occurred in large part due to the Industrial Revolution. Merchants not only needed to track their records but sought to avoid bankruptcy as well.
Interest on mortgages taken out after Dec. 15, 2017 of up to $750,000, or $375,000 if you're married filing jointly, or $375,000 if you're married and filing separately, provided that the funds are used to "purchase, construct, or make substantial improvements" to your primary or secondary residence. The maximum amount for mortgages originated on or before December 15, 2017 is $1,000,000, or $500,000 for married filing separately.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of an individual investor's financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

Health savings accounts are available to those who have high-deductible health insurance coverage and who want to set money aside to cover healthcare costs. Contribution amounts of up to $3,550 for those with self-only policies or $7,100 for family policies apply in 2020, with minimum annual deductibles of $1,400 or $2,800 respectively required to qualify for high-deductible health plan status. Catch-up contributions of $1,000 are available if you're 55 or older, but a qualifying plan must have maximum out-of-pocket expenses of $6,900 for self-only policies or $13,800 for family coverage.
There are tax credits for college expenses, for saving for retirement, for adopting children, and for childcare expenses, you might pay so you can go to work. The Child Tax Credit is worth up to $2,000 for each of your children under age 17 subject to income restrictions, and the Earned Income Credit (EITC) can put some money back into the pockets of lower-income taxpayers. 

Changes in tax laws are brought in sometimes to boost the economic scenario, infrastructure growth, and industrial development. For example, recently, the scope of capital gains tax in the UK for Non-UK residents was extended to include all disposals of UK property. These are just the first in the line of reforms coming down the track in the next few years that will have a significant impact on landlords.
Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live or as an upgrade from another version, and available through December 31, 2020. These services are provided only by credentialed CPAs, Enrolled Agents (EAs), or tax attorneys. Some tax topics or situations may not be included as part of this service, which shall be determined in the tax expert’s sole discretion. For TurboTax Live, if your return requires a significant level of tax advice or actual preparation, the tax expert may be required to sign as the preparer at which point they will assume primary responsibility for the preparation of your return. Intuit may offer a Full Service product to some customers. For the Full Service product, the tax expert will sign your return as preparer. Payment by federal refund is not available when a tax expert signs your return. On-screen help is available on a desktop, laptop or the TurboTax mobile app. Unlimited access to TurboTax Live CPAs and EAs refers to an unlimited quantity of contacts available to each customer, but does not refer to hours of operation or service coverage. Service, area of expertise, experience levels, wait times, hours of operation and availability vary, and are subject to restriction and change without notice.

Tax Return Access: Included with all TurboTax Deluxe, Premier, Self-Employed, TurboTax Live or prior year PLUS benefits customers and access to up to the prior seven years of tax returns we have on file for you is available through 12/31/2021. Also included with TurboTax Free Edition after filing your 2019 tax return. Terms and conditions may vary and are subject to change without notice.
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. 
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