Tax Planning

Tips to Avoid Capital Gains Taxes

3/15/2022

When you buy stock, real estate, art, or any other type of asset as an investment, you do so with the hope of later selling it at a profit. That’s the whole point. Unfortunately, the difference between what you buy for and what you sell for doesn’t just stay in your pocket. Your profit is what the Internal Revenue Service refers to as a capital gain, and it is taxable. The question of how much tax you will have to pay is often a matter of exactly how the profit was earned. The best way to limit the amount of money you eventually owe the government on investments is often a matter of planning. Here are a few tips on how to avoid paying significant taxes on your capital gains.

Tax-Deferred Retirement Plans

One of the most popular ways of minimizing the tax you’ll pay on capital gains is to earn them via tax-deferred retirement plans. Many major employers offer workers retirement benefits in the form of 401(k) plans that they can contribute to, and taking advantage of these – particularly if your company offers a match program – is an integral part of a smart savings plan that minimizes tax liabilities. Contributions to either a traditional IRA or a 401(k) reduce the amount of tax that you pay in the present by providing either a tax deduction or by lowering the amount of income on which you will be taxed. The money that you put away in a 401(k) represents an invaluable savings fund for the future that grows without being taxed until you are ready to take disbursements – and if you wait until you are at retirement age to withdraw funds, your income tax rate is likely to be lower, making the amount that you pay on the gains far less than they would have been had the money been invested in other types of assets sold and taxed earlier at the (higher) capital gains rate. And the Roth IRA also grows tax-free but has the added benefit of being able to be withdrawn in the future without any tax liability.

Long-Term Investment

Of course, it’s always a good idea to diversify, so your retirement accounts shouldn’t be your only form of investment. When you can realize a profit by selling an asset, give consideration to how long you’ve held it before, as there is a significant difference between the taxes that you will pay on something you’ve held for less than a year compared to your tax liability on assets you’ve held longer. Short-term profits will be taxed at the same rate as your income, and depending upon your personal situation can be more than double the tax you will pay on long-term capital gains, which are generally taxed at no more than 15%. Even the higher long-term gains taxes assessed on coins and art are only 28%, which is well below the potential for paying as much as 37% on short-term gains.

Balance Your Wins with Losses

No matter how smart an investor you are, there’s a good chance that some of your picks have delivered less-than-stellar results. The good news is that you can put your losses to good use by selling them and then using the loss to offset gains you’ve made in other investments. Though you’ll still be assessed taxes on any gains that you realize, the amount of your losses will be subtracted from the gains, thus minimizing your overall liability. And though the government limits the amount of losses you can use in any one year, you are able to carry over the difference going forward, thus helping to offset gains you may realize in the future.

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Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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Tips to Avoid Capital Gains Taxes

Bob Mason

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