Taxes and Stocks

[cpa ric]

That transaction occurred in 2007. Report it on your 2007 tax return. Many people time transactions near year end to bring down taxable income. You can sell stock that you will take a loss on right near year end. For the clients I deal with, this can make a big diffence in whether or not they get hit by alternative minimum tax. This is what CPAs are for. They help you to PLAN. Tax PLANNING leads to tax SAVINGS. Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric

[JstAneon]

That transaction occurred in 2007. Report it on your 2007 tax return. Many people time transactions near year end to bring down taxable income. You can sell stock that you will take a loss on right near year end. For the clients I deal with, this can make a big diffence in whether or not they get hit by alternative minimum tax. This is what CPAs are for. They help you to PLAN. Tax PLANNING leads to tax SAVINGS. Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric

+1 What firm do you work for?

[Julio]

Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric

What you consider poor ? Just curious...