Investors face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains. Additionally, if the Bush tax cuts expire, all taxpayers will face higher taxes on investment income and gains, and the vast majority of taxpayers also will face higher rates on their ordinary income. This tax planning article explains how the careful handling of capital gains and losses by individuals can save taxes.
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Dean R. Holland, CPA