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A listing of Personal Services in the South Bay Los Angeles Area A listing of Professional Business and Financial Services in the South Bay Los Angeles area A listing of Contractor and Construction Services in the South Bay Los Angeles area A listing of professionals, contractors, and personal services in the Torrance, Manhattan Beach, Hermosa Beach, Redondo Beach, Gardena, Lomita, Carson, El Segundo, Hawthorne, Lawndale, Rancho Palos Verdes, Palos Verdes Estates, Inglewood, and the Los Angeles area. A listing of professionals, contractors, and personal services in the El Segundo area A listing of professionals, contractors, and personal services in the Torrance area A listing of professionals, contractors, and personal services in the Manhattan Beach area A listing of professionals, contractors, and personal services in the Hermosa Beach area A listing of professionals, contractors, and personal services in the Redondo Beach area A listing of professionals, contractors, and personal services in the Gardena area A listing of professionals, contractors, and personal services in the Lomita area A listing of professionals, contractors, and personal services in the Palos Verdes Estates area A listing of professionals, contractors, and personal services in the Rancho Palos Verdes area A listing of professionals, contractors, and personal services in the Inglewood area
A listing of professionals, contractors, and personal services in the Hawthorne area A listing of professionals, contractors, and personal services in the San Pedro area A listing of professionals, contractors, and personal services in the Carson area A listing of Job and Employment opportunities in the South Bay Los Angeles area
Edward Jones - Robert Nevarez
Articles About Financial
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Year-End Tax Moves Can Pay Off
By Edward Jones
For many of us, tax season lasts until late in the day on April 15 when we drop our return in the mailbox or hit the ``send'' button to file our taxes electronically. But by then, it will be too late to take some steps that could have helped you out. Fortunately, you still have until Dec. 31 to make some year-end tax moves. Here are a few to consider: Sell your "losers'' -- In contrast to the last few years, 2003 was a pretty good one for the stock market, which means you might have racked up some sizeable capital gains -- and some sizable capital gains taxes (although the top long-term capital gains rate was cut to 15 percent this year for assets sold after May 5, 2003). To offset these capital gains, you might want to consider selling some stocks that have declined in value. If your losses exceed your gains, you can deduct up to $3,000 from your ordinary income; any amounts in excess of that figure can be carried over to future tax years. Of course, to take these losses, you'd really have to sell the stocks -- and you may be reluctant to do that. You might still think these stocks have good long-term potential and fit in well with your diversified portfolio. So, can't you sell the stocks and quickly buy them back after you've taken the losses? It's not that simple. IRS "wash sale'' rules bar you from claiming a loss if you purchase a ``substantially identical'' security within 30 days of the sale. To avoid wash sale consequences, you could wait at least 31 days after the sale before repurchasing the stock. Or you can double your holdings in the stock and then sell your original shares after 31 days. You could also sell your shares for a loss and purchase a stock that's similar to the one you sold. After 31 days, you could sell the new stock and repurchase the original stock. Delay income -- If you're scheduled to get a year-end bonus, ask your employer to defer it until January if this places you in a higher tax bracket. Or, if you're self-employed or run your own business, postpone sending out some bills until later in December. Prepay state or local taxes -- You can generally take a federal tax deduction for your state or local tax payments. So, if you are going to itemize deductions, and you don't think you will be in a higher tax bracket next year, you might want to prepay your state or local taxes in 2003. But before you do, make sure you won't be required to pay the alternative minimum tax (AMT). If you fall into the AMT category, you won't gain any additional deductions by prepaying your state or local taxes. Contribute to charity -- Your charitable deductions may be tax-deductible. And, if you decide to give appreciated stocks held longer than one year instead of cash, you'll be able to claim the full market value of the stock, while avoiding future capital gains taxes. Bunch your deductions - If you have deductible expenses coming up -- business expenses, medical expenses, miscellaneous itemized deductions -- try to pay for them in December. Boost your retirement plan contributions -- If you haven't "maxed out'' on your 401(k) plan, you may still be able to contribute to it before Dec. 31. And you've got until April 15, 2004, to add money to your Traditional or Roth IRA. Before making any tax decisions, you should consult with your tax specialist or attorney for professional advice on your specific situation. But by following any or all of these suggestions, you may be able to improve the ``bottom line'' on your tax return. And that can make for a happier tax season.

Copyright 2001, 2002, 2003 © South Bay Business Register, Edward Jones - Robert Nevarez, and Edward Jones. All rights reserved.
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