May highlights from The MWE Advisor newsletter include: financial survival tips for recent college grads, distinguishing between capital and ordinary gains and losses, plus 10 simple, fun ways to cut taxes this summer.
Financial Survival Tips for Recent College Graduates
Congratulations! It’s the moment you’ve spent the last few years working for: graduation. You’re finally part of the real world — and the financial responsibilities can be daunting. You’ll have to pay bills, including student loans, and save for future life essentials, like cars, vacations, homes and even retirement. Here’s a crash course in financial survival to help you make smart choices.
Capital vs. Ordinary: Classifying Income and Losses Affects Your Taxes
If you sell an asset, will the profit be taxed at the (lower) long-term capital gains rate or the (higher) ordinary income rate? Or, if you incur a loss, how soon can you deduct it? In most situations, classifying taxable gains and losses as capital or ordinary is fairly straightforward — but not always. Here’s a closer look at this issue and how some courts have ruled on it recently.
10 Simple (and Fun) Ways to Cut Taxes This Summer
Summer is just around the corner. While you’re enjoying the warmer weather, don’t become complacent about business and personal tax planning. Here are 10 hot summer tax-planning tips. Some of these ideas — such as buying a boat, throwing a company picnic and entertaining top clients — enable you to combine tax planning with summertime fun.