How To Reduce Taxes Under the New Tax Law - Capital Gains

The new tax law that we're all living under now (2018) presents wonderful ways for YOU to reduce your taxes now...and in the future. But like all things, only those with the knowledge of the bill will benefit.  Is it any wonder why corporations and other entities spend so much money lobbying Congress for just a line item?  No, because they are knowledgeable of what they need to pay less. And they'll spend tooth and nail to try to enact that provision. But just because you don't have a multi-million dollar lobbying firm representing your interest doesn't mean you can't take advantage of what the law allows. So, in the next few videos we're going to dive into this.  First, we're going to talk about capital gains.  If your TAXABLE INCOME puts you in the 10 or 12% tax bracket, you will pay 0 on any capital gains you have so long as you remain in the 10-12% bracket!. This holds HUGE potential benefits, my friends.  But only if you know what to look for  In this video, I'll show you exactly what you need to know  Look at line 13 of your tax return, your 1040. That will show how much in capital gains you had.  If you have gains here and those gains put you into the 22% bracket, you've effectively lost your ability to pay no tax.  Are there other things you can do to reduce your income to allow to remain in the 10-12% bracket? Look at line 14 of Schedule D on your tax return.  Is there a number there? That is capital loss carryforwards, which are previous losses you had that can offset future capital gains.  Do you have an appreciated stock in a non-IRA account that you can sell in order to use those capital loss carryforwards.  Being proactive can reduce, potentially significantly, your tax today and in the future.  For more information like this go to my blog at www.heritagewealthplanning.com And my podcast on Itunes at The Josh Scandlen Podcast.