Net Gains: Want to Cut Your Tax Bill? Quirk in Law Allows Tax-Free Stock Sales
in 2008, for People in Lower Brackets
By DAVID McPHERSON
For the small-time investor, 2008 is shaping up to be a pretty good year.
No, I have not a clue how the stock market will perform next year other than
to say on some days it will go up and on others it will go down. But on Jan.
1, 2008, a window will open that will allow some taxpayers to sell investments
at a profit and pay no capital gains tax. That's right, no tax...
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Capital Gains Tax Cuts For Middle Income Investors
By DAVID McPHERSON
Imagine selling a $20,000 investment, purchased five years earlier for
only $10,000, and paying no capital gains tax at all.
This dream will become reality for middle-income investors beginning in 2008 and
will last for three years when a seldom-discussed provision of the recent tax
cuts takes effect, providing middle-income investors with a can't-miss tax-planning
opportunity. Under the Tax Increase Prevention and Reconciliation Act of 2005
(TIPRA) passed by Congress in May 2006, U.S. taxpayers in the two lowest tax brackets
will pay no capital gains taxes on long-term investments sold in 2008, 2009 and
2010. This tax-free bonanza applies to investors within the 10% and 15% tax brackets,
which account for the vast majority of American taxpayers...
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Oklahoma Congress Eliminates State Long Term Capital Gains Tax
710:50-15-48. Oklahoma Source: Capital Gain Deduction
(a) General provisions. For tax years beginning on or after January
1, 2005, individual taxpayers can subtract from the Oklahoma adjusted gross
income, gains reported on their Oklahoma income tax return and included in federal
taxable income receiving capital treatment. The gain must be realized on or
after January 1, 2005, in order to be eligible for the Oklahoma exclusion. Effective
for tax years beginning on or after January 1, 2006 corporate taxpayers can
subtract from the Oklahoma taxable income, gains reported on their Oklahoma
income tax return and included in federal taxable income receiving capital treatment.
For corporate taxpayers the gain must be realized on or after January 1, 2006
in order to be eligible for the Oklahoma exclusion.
..
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